FT LAUDERDALE (CBSMiami) – A former TD Bank vice president has been sentenced to 30 months in prison for his role in ex-lawyer Scott Rothstein’s $1.2 billion Ponzi scheme.READ MORE: 'Primary Goal Is Active Shooter Response': Miami-Dade Police Priority Response Team Trains For Whatever Comes Its Way
Last October, Frank Spinosa pleaded guilty to conspiracy to commit wire fraud.READ MORE: Rojas Homers And Gets 3 Hits As Marlins Beat Nationals 5-1
Spinosa, 54, conspired with Rothstein to “induce certain persons into investing money in the confidential settlements through material misstatements,” according to a statement by the U.S. Attorney’s Office.
Spinosa and Rothstein used the prestige and legitimacy of TD Bank, and Spinosa’s position as Regional Vice President, to give investors in the scheme a false sense of security. They then conned them into investments in phony legal settlements by creating documents that made it appear that certain investment funds were being held in restricted accounts at TD Bank when, in fact, they were not.MORE NEWS: Companies Ask For Rate Hikes In Virtual Hearings With Florida’s Office Of Insurance Regulation
More than two dozen people linked to Rothsteins scam have been convicted. He is serving a 50-year prison sentence after pleading guilty to several charges.