- Associated Press - Friday, October 24, 2014

FORT LAUDERDALE, Fla. (AP) - A former executive at TD Bank has pleaded not guilty to charges of deceiving investors in the $1.2 billion Ponzi scheme operated by convicted fraudster Scott Rothstein.

Former TD Bank regional vice president Frank Spinosa entered the plea Friday in Fort Lauderdale federal court. Spinosa is charged with wire fraud and conspiracy counts, each of which carries a maximum 20-year prison sentences.

Prosecutors say Spinosa helped Rothstein mislead investors about money in their TD Bank accounts. TD Bank in 2012 paid $52.5 million to settle U.S. allegations of failing to report suspicious account activity related to the Rothstein case.

More than two dozen people have been convicted in the Rothstein scam, which involved investments in phony legal settlements. Rothstein is serving a 50-year prison sentence.

Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times is switching its third-party commenting system from Disqus to Spot.IM. You will need to either create an account with Spot.im or if you wish to use your Disqus account look under the Conversation for the link "Have a Disqus Account?". Please read our Comment Policy before commenting.


Click to Read More

Click to Hide