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TD Bank pays $52.5M in charges tied to Ponzi scam


September 23. 2013 3:36PM
Associated Press

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(AP) TD Bank is paying $52.5 million to settle U.S. civil charges after regulators accused the bank of failing to report suspicious activity in accounts linked to a $1.2 billion Ponzi scheme.


The Securities and Exchange Commission and the Office of the Comptroller of the Currency announced settlements Monday with the Canadian bank.


The OCC said TD Bank failed to file suspicious activity reports to the government on the accounts of Scott Rothstein, a former Florida lawyer now serving a 50-year prison sentence for the Ponzi scheme. The SEC said the bank deceived investors by saying that it had restricted Rothstein's transfers of money in the accounts.


TD Bank is paying a $37.5 million penalty to the OCC and a $15 million penalty to the SEC.


Associated Press


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