TD Bank Pays Regulators $58M Over Role In Rothstein Scheme

Law360, Miami (September 23, 2013, 7:34 PM EDT) -- TD Bank NA on Monday agreed to pay $57.5 million to settle federal regulators' allegations that the bank helped Florida attorney Scott Rothstein run a $1.2 billion Ponzi scheme out of his law firm.

The bank will pay $15 million to settle administrative allegations by the U.S. Securities and Exchange Commission and $37.5 million to the Financial Crimes Enforcement Network of the U.S. Treasury and the Office of the Comptroller of the Currency, the three regulators said.

In addition to settling with the bank, the SEC...
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