NEW YORK (Bloomberg) — Scott Rothstein, the former South Florida lawyer accused of operating a $1 billion Ponzi scheme, was stripped of his law licence by the Florida Supreme Court.

Rothstein volunteered last week to give up his licence to avoid disciplinary proceedings already initiated by the Florida bar, according to an agreement filed with the state Supreme court. The surrender required the court's approval.

Rothstein, who hasn't been charged criminally, was accused by prosecutors in a civil forfeiture lawsuit of operating a scheme selling fictitious legal settlements to investors. Rothstein Rosenfeldt Adler PA, the firm he co-founded, sued Rothstein on November 2 after saying he may have been running an illegal side business.

The Florida Bar will continue to actively investigate any violations of its rules by other attorneys who may have been involved in this case, the regulatory group said in a statement.

Rothstein Rosenfeldt Adler, which employed 70 lawyers before the allegations of fraud surfaced, is being dissolved in federal bankruptcy court in Fort Lauderdale, Florida.

Four other attorneys of the firm are being investigated by the Tallahassee-based Florida Bar, spokeswoman Francine Walker said.

Co-founders Stuart Rosenfeldt and Russell Adler and firm attorney Grant Smith were sent letters last week notifying them of an investigation, Walker added.