Private attorneys stick it to TD Bank but Federal regulators roll over

“Even by the lamentable standards of U.S. banking and securities regulators, the settlements unveiled this week with Toronto-Dominion Bank (TD) for its role in a $1.2 billion Florida Ponzi scheme were incredibly lacking. . . .

“The penalties amounted to $52.5 million: $37.5 million to settle allegations by the Office of the Comptroller of the Currency and $15 million to the Securities and Exchange Commission. Per the usual niceties, TD Bank neither admitted nor denied the agencies’ claims, which ranged from negligence to violations of anti-money-laundering laws. . . .

“The total fines are less than the $67 million that a single victim of the Ponzi scheme was awarded at a jury trial against TD Bank last year . . .”

Help a Ponzi Scheme? It’s No Big Deal for a Bank – Bloomberg.

Leave a Reply

Your email address will not be published.