Banker Seeks Lenient Prison Term in $1.2B Florida Ponzi Scam

A former bank executive is seeking a lenient sentence after pleading guilty to misleading investors in imprisoned ex-lawyer Scott Rothstein's $1.2 billion Ponzi scheme.

Lawyers for Frank Spinosa want a judge to go below the minimum of about three years in prison recommended by federal sentencing guidelines. They say Spinosa wasn't fully aware of the Ponzi scheme's scope, never before committed a crime and has health problems.

Spinosa's sentencing for wire fraud conspiracy is set for Friday in Miami federal court.

Prosecutors say he used his position at TD Bank to falsely assure Rothstein's investors that their money was safe. Rothstein's scam involved investments in phony legal settlements.

More than two dozen people have been convicted in the scam. Rothstein is serving a 50-year prison sentence after pleading guilty.

Copyright AP - Associated Press
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