TD Bank, based in Toronto, must pay out $67 million to harmed investors
related to a
Ponzi scheme that has been called one of the largest Ponzi schemes in South Florida
history. The decision came from a federal jury on January 18th as the result of a lawsuit by Coquina Investments, which is based in Texas.
Scott Rothstein, who we have reported on previously, is already serving
a sentence for the alleged Ponzi scheme, and at least seven additional
people have been charged. Rothstein has reportedly been cooperative with
officials as the additional allegations have come down.
The bank's involvement in the South Florida Ponzi scheme is said to
have been integral to the life of the scam. Apparently, Rothstein and
his alleged co-conspirators used a TD Bank account to perpetuate the fraud,
and some of the accused are said to have been pretending to be employees
of TD Bank. Additionally, at least one person in the scheme allegedly
set up a fake website that appeared to be a legitimate TD Bank site giving
Prosecutors have alleged that the bank was aware of the financial scam,
actively assisted in it, and that Rothstein had paid a sizable sum to
the bank’s president to turn a blind eye to the fraudulent activities.
If you have lost money in a Ponzi scheme, stock scam, or other form of
securities fraud, don't wait to speak with an expertinvestment fraud attorney about your options for recovery. Meyer Wilson is devoted to helping investors
recover their losses through mediation, arbitration, and litigation.