Ex-TD Bank Executive Pleads Guilty in Ponzi Scheme
October 08 2015 - 10:50AM
Dow Jones News
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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