Ex-Banker Facing Prison Term In $1.2B Florida Ponzi Scam
Follow CBSMIAMI.COM: Facebook | Twitter
MIAMI (CBSMiami/AP) — An ex-banker is facing prison time after pleading guilty in connection to his role in ex-lawyer Scott Rothstein's $1.2 billion Ponzi scheme.
A Miami federal judge is scheduled Friday to sentence Frank Spinosa, a former executive at TD Bank. Spinosa is the last remaining defendant currently charged in the Rothstein scam, which collapsed six years ago.
Prosecutors said 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. Spinosa pleaded guilty earlier this year to wire fraud conspiracy for his role.
More than two dozen people have been convicted in the scam. Rothstein is serving a 50-year prison sentence after pleading guilty to several charges.
(TM and © Copyright 2015 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2015 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
