MIAMI—A former Toronto-Dominion Bank executive has pleaded guilty to a federal charge for his role in former South Florida lawyer Scott Rothstein's $1.2 billion Ponzi scheme.

Frank Spinosa pleaded guilty Thursday in Miami federal court to wire fraud conspiracy in a plea deal with prosecutors. The charge carries a maximum five-year prison sentence and $250,000 fine. Mr. Spinosa's sentencing is set for Dec. 18.

Prosecutors say Mr. Spinosa used his position as a regional executive at TD Bank to falsely assure Mr. Rothstein's investors their money was safe. Mr. Rothstein's scam involved investments in phony legal settlements. It collapsed in fall 2009 and led to the downfall of Mr. Rothstein's Fort Lauderdale law firm.

More than two dozen people have been convicted. Mr. Rothstein is serving a 50-year prison sentence after pleading guilty to several charges.

Copyright 2015 The Associated Press

 

(END) Dow Jones Newswires

October 08, 2015 11:35 ET (15:35 GMT)

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