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Monday, Sep 23
TD Bank settles charges over assisting Ponzi scheme
- TD Bank (TD +0.3%) is fined a total of $52.5M for its role in helping notorious South Florida Ponzi schemer Scott Rothstein carry out his $1.2B fraud.
- Former TD Bank official Frank Spinosa helped defraud investors by creating misleading documents and making false statements about Rothstein's accounts, says the SEC. The bank didn't admit any wrongdoing, but is "pleased ... to put the matter behind us."
- TD previously agreed to pay $72M relating to the bankruptcy case of Rothstein's now-defunct law firm.