OFFICIAL-CORRECTED-TD Bank to pay $52.5 mln in US settlements over Ponzi scheme

Mon Sep 23, 2013 3:18pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

(Corrects headline and text to change TD payment to $52.5 million from $90 million, after OCC clarified that it and Financial Crimes Enforcement Network are collecting a single $37.5 mln penalty instead of two such penalties)

Sept 23 (Reuters) - Toronto-Dominion Bank will pay $52.5 million in civil penalties to settle charges by U.S. regulators that it violated securities laws in connection with a Ponzi scheme conducted by Florida lawyer Scott Rothstein, who is now serving a 50-year prison term.

TD was fined $37.5 million by the Financial Crimes Enforcement Network and the Office of the Comptroller of the Currency, and $15 million by the U.S. Securities and Exchange Commission. (Reporting by Jonathan Stempel in New York; Editing by Gerald E. McCormick)