TD Bank to Pay $90M in Settlement Related to Ponzi Scheme (TD)

On Monday, it was announced that the American unit of Toronto-Dominion Bank (TD) will be paying $37.5 million to the Securities and Exchange Commission, $37.5 million to the Financial Crimes Enforcement Agency, and $15 million to the Office of the Comptroller to settle regulatory claims related to the accounts of a man who is now in jail for running a Ponzi scheme.

According to Bloomberg, a former TD regional vice president was sued by the SEC for claiming falsely in 2009 that TD had “restricted the movement of funds” in Joel Rothstein’s account. Rothstein, a Florida lawyer, is currently serving a 50-year term related to a Ponzi  scheme, which fell apart in late 2009.

TD shares were up 28 cents, or .32%, at market close on Monday. The company’s stock is up 4.89% YTD.