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Two senators go after TD, seeking restitution for Ponzi scheme victims

  • U.S. Senators John Kennedy (R-LA) and Bill Cassidy (R-LA) demand that Toronto-Dominion Bank (TD +1.4%) come up with a plan to pay restitution to thousands of people who "lost their life savings in the Stanford Ponzi scheme."
  • The letter is part of the senators' plan to recover money for victims defrauded by Stanford International Bank and Allen Stanford.
  • "Stanford victims lost more than $5B. They've recovered just a few cents for every dollar they lost," the Kennedy and Cassidy said in a joint statement.
  • The lawmakers are hounding TD because it provided banking services to Stanford "without questioning suspicious activity, including unreasonably high investment returns, large round sums leaving Stanford's accounts, and wire transfers that should have set off warning bells," the senators' statement said.

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