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by Mike Caswell

Former TD Bank executive Frank Spinosa has pleaded guilty to criminal fraud charges in Florida, admitting to his role in the massive Ponzi scheme run by Scott Rothstein. Mr. Spinosa, 54, entered the plea in an appearance on Thursday, Oct. 8, before Miami Judge Beth Bloom. She set his sentencing for Dec. 18, 2015, and allowed him to remain free on a $250,000 bond. (All figures are in U.S. dollars.)

The charges against Mr. Spinosa stemmed from the $1.2-billion fraud run by Mr. Rothstein, a now-disbarred lawyer. Mr. Rothstein offered investors interests in lawsuit settlements that did not exist, and used their money to feed his own high-priced lifestyle. He pleaded guilty to criminal charges arising from that scheme and is now serving 50 years at an undisclosed prison.

BIZJOURNALS.COM

Frank Spinosa

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