Fun Miami banks and political corruption ... by gimleteye

The real estate empire of Sergio Pino, a founder of Miami-based US Century Bank, is in trouble; though how much trouble is hard to say. Probably not too much trouble, since owning the bank puts one in a more favorable position that others who need a helping hand. Like Fort Lauderdale lawyer Scott Rothstein, who didn't own a bank but managed to steal $1.2 billion anyways. Pino turned up at an auction this weekend for Scott Rothstein "memorabilia". It must have been fun!

Sun Sentinel columnist Michael Mayo found a felicitous moment and captured Pino on record, buying up some poignant memorabilia: signed photos of Rothstein embracing Gov. Charlie Crist and former Gov. Jeb Bush. Pino in the light-hearted way of a political insider who knows his way around a good quote, took the occasion to stick it to Charlie Crist, ("I'm Charlie's nightmare." And of course one easily imagines, as does the Sun Sentinel, that the photo will show up in an attack ad against Crist on behalf of Tea Party candidate, US Senate hopeful Marco Rubio). It is quite an exchange, captured by the Sentinel. Then, apparently trying to cover up the tracks of his off-the-cuff remarks, Pino added, "Hopefully, this will raise a lot of money today, because the guy (Rothstein) hurt so many people." Interesting!

Maybe it is time for the mainstream media to start counting how many people have been hurt, in South Florida, by the Growth Machine that Pino, as lobbyist, and his land speculator allies on the board of US Century Bank so ably represent. It is another kind of fraud-- the proliferation of suburban sprawl into farmland-- that legally scarred Florida, with the tacit cooperation of local government officials who benefit so handsomely from friendships and campaign contributions.

Tea Party activists, where to begin?

South Florida Daily Business Review reports that in 2006 US Century Bank gave $3 million to Adbi Eden to build the Ola Office Center. "The developer bought the 4-acre site, at the northeast corner of Southwest 132nd Avenue and Southwest 136th Street, for $4 million in 2006. While an online listing from 2007 says the developer planned to build an 80,000-square-foot office, no record of construction commencing was found in county records." I don't know Adbi Eden, but I do know that in August 2009, US Century Bank took $50 million in federal taxpayer money, through TARP.



sun-sentinel.com/news/columnists/fl-auction-mayocol-b012310-20100123,0,5648630.column
South Florida Sun-Sentinel.com
Picking on the carcass of Rothstein's fallen firm
Bankruptcy auction raises over $180,000 for creditors and bilked investors

Michael Mayo
January 23, 2010


A prominent Miami builder, a Broward circuit judge and the daughter of former Florida Gov. Lawton Chiles were among the winning bidders who hauled off relics of Scott Rothstein's collapsed law firm at a bankruptcy auction held Saturday.

"Look – they're almost kissing!" Miami builder Sergio Pino said as he looked at his new $2,100 possession, a framed photo of Rothstein with Gov. Charlie Crist, which Crist signed: "Scott – you're amazing!"

"I can't believe I got it," Broward Circuit Judge Marc Gold said after spending $400 for a campaign donor photo of Rothstein with George W. Bush.

Rhea Chiles, the late Lawton Chiles' daughter, bought several pricey items, including a $5,500 desk clock and a $3,250 limited-edition designer pen.

"By buying anything you're helping to make restitution for people who were victimized – and that's what really matters," said Chiles, who recently moved to Fort Lauderdale and doesn't know Rothstein.

As Rothstein sat in a Miami detention center, 168 registered bidders came to AMC Liquidators in Fort Lauderdale to pick at the carcass of his former high-flying life. Rothstein is expected to plead guilty in federal court on Wednesday for allegedly orchestrating a $1.2 billion Ponzi scheme, and he faces up to 100 years in prison.

A crowd of more than 300 turned out on Saturday, parking on an overflow grass lot and checking out a showroom floor filled with mahogany desks, leather chairs, Oriental rugs, mementos and knickknacks from the offices of the defunct Rothstein Rosenfeldt Adler law firm, which collapsed in November.

There was something for nearly everyone, with sports memorabilia, political photos, a martini set, cigar cutters and an electric guitar.

All told, the six-hour auction raised some $182,315 for Rothstein creditors and bilked investors.

"I knew this was a happening when I saw Ken's Weiner Wagon parked out front," said Mitch Ceasar, the head of the Broward Democratic Party, who spent $150 on a framed letter signed by Broward Sheriff Al Lamberti.

Among those in attendance: former RRA managing partner Grant Smith; bankruptcy trustee Herb Stettin; and Moe Sohail, a Rothstein friend and Fort Lauderdale cigar store owner who was involved in a August car crash that drew Rothstein and Fort Lauderdale Police Chief Frank Adderley to the scene.

"I just wanted to see what was going on," said Sohail. "It's sad."

But the mood among most attendees was festive, a prize-fight atmosphere filling the room as bidders lined up to plunk down their $500 refundable deposits. Most crammed into rows of folding chairs. A few sat in leather chairs or on desks where Rothstein and his attorneys once did business.

"Only in South Florida – it's never-ending entertainment," said Rich Stadler, of Fort Lauderdale, who attended with his brother Howie.

This auction was strictly for Rothstein's office items, but photographs including Rothstein's wife Kim were up for sale after a judge ruled the photos with athletes like Dan Marino and assorted politicians weren't personal.

Another auction will soon be held at AMC Liquidators for Rothstein's office computers and surveillance equipment, auctioneer Benny Fisher said. The auction idea was hatched by AMC founder Michael Grimmé, who last year brokered a sale of items from the Miami office of accused financial fraudster R. Allen Stanford.

Fisher Auction Co., owned by Pompano Beach Mayor Lamar Fisher, ran the auction and took a 10 percent "buyer's premium" added to all sales. AMC Liquidators received $38,400 to transport and store the items, and stage the auction at its showroom.

It's unclear what will happen to Rothstein's personal possessions, including homes, cars, boats, jewelry and other items that have been seized by federal authorities.

Bidders spent thousands of dollars on hundreds of items, everything from the sublime (a Jaeger LeCoultre Atmos Swiss desk clock that sold for $7,500) to the ridiculous (a talking Richard Nixon doll that says, "I am not a crook," which fetched $150).

The cheapest item: a canvas tote bag with RRA luggage tags that went for $10.

Chiles said she found all the autographed photos of politicians ( John McCain, Arnold Schwarzenegger, Joe Lieberman, Alex Sink, Bill McCollum) posing with Rothstein "disconcerting…it's hard to see how deeply in bed this guy was with people who should be our statesmen."

After Pino snatched up Crist's "You're amazing!" photo, I approached to ask who he was.

"I'm Charlie's nightmare," he said.

The photo could surely cause trouble for Crist in his primary campaign for U.S. Senate against Republican Marco Rubio.

Pino also spent $1,500 on an autographed photo of Rothstein with Jeb Bush. Pino, president of Century Homebuilders, is politically active, having held past fundraisers for Bush and Crist. He said he didn't know Rothstein.

"I've got something that's historic," Pino said. "Pictures of Rothstein with our best governor and our worst governor. Charlie's been a disappointment. I was amazed to see how many pictures he's in here."

He was coy about his plans for the "You're amazing!" photo.

"Somebody already offered me $2,400 for it, so I think I made a good investment," said Pino. "Hopefully, this will raise a lot of money today, because the guy (Rothstein) hurt so many people.

"You're never going to get back a billion two, but at least this is something."

Michael Mayo can be reached at mmayo@sunsentinel.com or 954-356-4508.

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