FinCEN Fines TD Bank for Failing to Report Nearly $1 Billion in Suspicious Transactions Related to Florida Ponzi Scheme

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The Financial Crimes Enforcement Network (FinCEN) announced the assessment of a $37.5 million civil money penalty against TD Bank, N.A. for failure to file suspicious activity reports related to the massive Ponzi scheme orchestrated by Florida attorney Scott Rothstein. The Office of the Comptroller of the Currency also announced the assessment of a concurrent $37.5 million penalty against the Bank for related violations. Additionally, the Securities and Exchange Commission has assessed a separate $15 million penalty against the Bank for related securities violations.

Topics:  Banks, FinCEN, Fines, Ponzi Scheme

Published In: Criminal Law Updates, Finance & Banking Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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