Former TD Executive Indicted in Connection with Florida Ponzi Scheme

Posted on October 23rd, 2014 at 9:23 AM

From the Desk of Jim Eccleston at Eccleston Law Offices:

Frank Spinosa, a former regional vice president of TD Bank, has been charged for his involvement in jailed attorney Scott Rothstein’s $1.4 billion Ponzi scheme. The bank fired Spinosa soon after Rothstein’s fraud fell apart in late October, 2009.

The federal indictment of Frank Spinosa alleges conspiracy to commit wire fraud and wire fraud. According to the indictment, Rothstein paid Spinosa to help prop up the scheme. Specifically by sending investors a lock-letter signed by Spinosa, saying that “the payment of funds from the TD Bank trust accounts was restricted to paying those specifically designated investors”, Spinosa made investors think their money was safe.

The attorneys of Eccleston Law Offices represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 50 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston

Tags: Ponzi Scheme, Frank Sponosa, Scott Rothstein

Return to Archive

TESTIMONIALS

Previous
Next

Hiring Eccleston Law has been one of the best career decisions I have made and this "investment" to maintain my sterling regulatory record has been returned many times over.  If you are in a situation where you've been unfairly accused, don't hesitate to talk with Eccleston Law. They are the best.

Thomas C.

LATEST NEWS AND ARTICLES

June 30, 2022
FINRA Fines United Planners Over GPB Private Placement Sales

The Financial Industry Regulatory Authority (FINRA) has fined United Planners’ Financial Services of America over negligent sales of private placements issued by GPB Capital Holdings.

June 29, 2022
J.P. Morgan Advisors Ordered To Pay Former Partner $620,000

A Financial Industry Regulatory Authority (FINRA) arbitration panel has ordered a J.P. Morgan team to pay their former partner at least $620,000 over the dissolution of a partnership.

June 28, 2022
JP Morgan Manager Reveals Issues Regarding ESG Loan Pitches

The market for sustainability-linked loans is still severely prone to “greenwashing”, or investing more time and effort into marketing itself as environmentally friendly rather than actually minimizing its environmental impact, according to one of J.P. Morgan’s managers who often helps to sort through debt that is pitched to the company.