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Regulators Likely to Question Banks Used in Rothstein’s $1.2 Billion Ponzi Scheme
By Brian Monroe
printTwo banks linked to a billion-dollar Ponzi scheme will likely face increased scrutiny from law enforcement and federal regulators following depositions last month by the convicted former head of a Florida law firm. Scott Rothstein, who pleaded guilty in January 2010 to overseeing a $1.2 billion Ponzi scheme, said in testimony in December that executives and anti-money laundering (AML) compliance officials at South Florida branches of Cherry Hill, NJ-based TD Bank and Coral Gables, FL-based Gibraltar Private Bank & Trust knowingly failed to disclose his suspicious transactions. Senior executives at both banks accepted monetary and other bribes from Rothstein to...
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