A former executive at TD Bank has been indicted for allegedly deceiving investors in the $1.2 billion Ponzi scheme operated by convicted fraudster Scott Rothstein.
Former TD bank regional vice president Frank Spinosa was released on $250,000 bail after his arrest Friday. Spinosa is charged with wire fraud and conspiracy, each of which carry maximum 20-year prison sentences.
A grand jury indictment charges Spinosa falsely told investors that money in certain accounts was payable only to them. Spinosa is also accused of assuring investors accounts had certain balances when they did not.
More than two dozen people have been convicted in the Rothstein scam, which involved investments in phony legal settlements. Rothstein is serving a 50-year prison sentence.
Spinosa's attorney did not immediately respond to an email seeking comment.