TD Bank Ordered To Pay Up Over Rothstein’s Ponzi Scheme
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MIAMI (CBSMiami/AP – TD Bank has been ordered by a federal jury in Miami to pay an investment group $67 million for their complicity in disbarred Ft. Lauderdale attorney Scott Rothstein’s $1.2 billion Ponzi scheme.
The verdict came in a lawsuit filed by Texas-based Coquina Investments. The lawsuit claimed Rothstein used a TD Bank branch in Florida and some of its employees to persuade investors that the scam involving phony legal settlements was legitimate.
TD Bank issued a statement saying it was disappointed with Wednesday’s verdict. The bank said Rothstein is to blame for the fraud and that it is considering its legal options.
Rothstein is serving a 50-year prison sentence after pleading guilty in the case. He is cooperating with prosecutors and more people are expected to be charged. There are also several other investor lawsuits pending.
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