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The bank neither admitted nor denied wrongdoing in its settlement with the SEC. But it did agree to refrain from future violations of securities laws.
letterhead and told outright lies to investors, failing in its gatekeeper role," Andrew Ceresney, co director of the SEC's enforcement division, said in a statement.
statement. Spinosa "is now being vilified for discharging his duties as a banker and for various deficiencies within TD Bank's internal administrative and compliance functions," Rabin said.
Rothstein pleaded guilty in 2010 to a scam involving investments in phony legal settlements. It was one of the largest frauds in South Florida history and triggered the failure of the law firm Rothstein Rosenfeldt Adler.
TD Bank is paying a $37.5 million penalty to the OCC and a $15 million penalty to the SEC.
Spinosa refuted the allegations through an attorney and vowed to contest them in court.
A federal jury decided in January 2012 that TD Bank owed an investment firm $67 million for the bank's role in Rothstein's scheme. The verdict came in a lawsuit filed by Coquina Investments, based in Corpus Christi, Texas. It was one of several lawsuits filed by investors against the bank.
The Securities and Exchange Commission and the Office of the Comptroller of the Currency announced settlements Monday with the Canadian bank.
TD Bank, through a regional vice president, produced false documents on bank Nike Cap Black Dri Fit
The SEC also charged Frank Spinosa, a former TD Bank regional vice president in Florida, with misleading the bank's investors with documents and statements about Rothstein's accounts.
Testimony and court documents in the Coquina trial showed that Rothstein used his TD Bank accounts as an integral part of the Ponzi Adidas Cap For Men scheme. Conspirators in his scheme allegedly posed as TD Bank employees.
The OCC said TD Bank failed to file suspicious activity reports to the government on the accounts of Scott Rothstein, a former Florida lawyer now serving a 50 year prison sentence for the Ponzi scheme. The SEC said the bank deceived investors by saying that it had restricted Rothstein's transfers of money in the accounts.
Spinosa didn't know about Rothstein's fraud and never acted to advance his schemes, the attorney, Samuel Rabin, said in a Chicago Bulls Hats Snapback
5M for Ponzi scam
According to the OCC, TD Bank ultimately paid about $600 million in restitution to investors affected by Rothstein's use of the bank for his Air Jordan Cap Black
civil charges after regulators accused the bank of failing to report suspicious activity in accounts linked to a $1.2 billion Ponzi scheme.
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