FORT LAUDERDALE, Fla. (CBSMiami/AP) — An ex-banker in Florida is set to plead guilty for his role in a $1.2 billion Ponzi scheme run by ex-lawyer Scott Rothstein.READ MORE: NBA fines Miami Heat $25,000 for violating 'bench decorum'
Court documents filed Tuesday shows former TD Bank executive Frank Spinosa will plead guilty Oct. 8th to wire fraud conspiracy, which carries a maximum five-year prison sentence and $250,000 fine. Spinosa’s trial had been set next month.READ MORE: Man faces several charges including pointing laser at BSO aviation unit
Prosecutors say Spinosa used his position at the bank to falsely assure Rothstein’s investors their money was safe. Rothstein’s scam involved investments in phony legal settlements. It collapsed in fall 2009, followed shortly after by Rothstein’s Fort Lauderdale law firm.
More than two dozen people have been convicted in the scam. Rothstein himself is serving a 50-year prison sentence after pleading guilty to several charges.MORE NEWS: Miami ex-Proud Boys leader Henry 'Enrique' Tarrio to stay jailed until Capitol riot trial
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