The Business Insider, Nov. 20, 2009: Scott Rothstein Victims Sue TD Bank

Victims of Scott Rothstein’s alleged $1 billion Ponzi scheme are looking to get their money back, and the lawsuits are piling up.

Some, like businessman Todd Snyder, are going after Rothstein himself. Snyder says he put in $2 million to buy part of Rothstein’s purported $500 million settlement with Dole Food, according to the Miami Herald.

Others are looking beyond the still-free south Florida lawyer. A major lawsuit announced today takes aim at Toronto Dominion (TD) Bank, saying it was the “financial epicenter” of the fraud.

New Times, Fri., Nov. 20 2009: Scherer Files Suit Against Rothstein Et Al
By Bob Norman

“TD Bank conspired, induced, and facilited the Principal Conspirators’ deceptive practices, allowing Principal Conspirators to divert hundreds of millions of investor dollars through TD Bank accounts,” Scherer wrote in the lawsuit.

Named individually at the bank is Frank Spinosa, who worked closely with Rothstein on the accounts, TD Bank assistant manager Jennifer Kerstetter, and TD branch manager Roseanne Caretsky. Scherer writes that all three “participated in the scheme by … meeting with investors, verifying account statements and providing investors with purported irrevocable ‘lock letters’ securing investor funds.”