Processing Your Payment

Please do not leave this page until complete. This can take a few moments.

November 23, 2009

Suit alleges TD Bank role in Ponzi scheme

By The Mainebiz News Staff

Florida investors have accused TD Bank of helping a Miami lawyer orchestrate a $1 billion Ponzi scheme.

In a lawsuit filed in Florida's Broward County Circuit Court, attorney Scott Rothstein is accused of using fake legal settlements to promise returns for investors, and that TD Bank "was complicit in this scheme" by making the deals seem legitimate and reassuring investors, according to the Associated Press. "The Ponzi scheme simply could not have gained traction without TD Bank's involvement in sanctioning, or otherwise, willingly failing to authenticate the origin of the enormous amounts of money coming through its doors," the lawsuit said. The six investors are seeking $100 million in the suit.

In a statement, TD Bank denied any wrongdoing, and said it will "defend against all such unfounded claims." The Toronto-based TD Bank has U.S. headquarters in Portland and New Jersey.

Sign up for Enews

Most Recent

Most Recent

Comments

Order a PDF