Frank Spinosa, a former vice president of TD Bank from Fort Lauderdale, is facing a potential 20 year imprisonment sentence if convicted on charges made by the FBI in relation to an extensive Ponzi scheme in South Florida. Spinosa is believed to have participated in Scott Rothstein’s $1.2 billion investment fraud.
Spinosa was fired from TD Bank in November 2009 and charged last week with one count of conspiracy to commit wire fraud and five counts of wire fraud pertaining to his bank activities from 2008 to 2009. He was released on $250,000 bond and has an appearance in court scheduled for October 24.
The grand jury indictment alleges that Spinosa played a role in Rothstein’s gigantic Ponzi scheme that persuaded investors to put money in sham legal settlements. According to the FBI, Spinosa worked with Rothstein in an attempt to use the prestige and legitimacy of TD Bank and Spinosa’s position as Regional Vice President to fool investors.
Rothstein pleaded guilty in January 2010 to five counts of racketeering, money laundering, and wire fraud. TD Bank has already paid $52.5 million to settle civil charges arising from the scheme.
If you or someone you know has lost money as a result of an investment or Ponzi scheme, please contact Richard Frankowski at 888-741-7503 to discuss your potential legal remedies or complete the contact form.