FORT LAUDERDALE (CBSMiami/AP) – Former TD Bank executive Frank Spinosa has been charged for allegedly deceiving investors in the $1.2 billion Ponzi scheme operated by convicted scammer Scott Rothstein.

The ex-regional vice president was arrested Friday and released on $250,000 bail.

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He is charged with wire fraud and conspiracy; each carries a maximum of 20 years prison.

According to a grand jury indictment charges, Spinosa falsely told investors that money in certain accounts was payable only to them. He is also accused of assuring investors accounts had certain balances when they did not.

More than 24 other people have been convicted in the Rothstein scam, which involved investments in phony legal settlements. Rothstein is serving a 50-year prison sentence.

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Spinosa’s attorney did not immediately respond to an email by the Associated Press seeking comment.

(TM and © Copyright 2014 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2014 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)


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