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Vice President of TD Bank Indicted by the Feds for Fraud

loansafe.org | October 20, 2014

By Alex Ferreras

The US Department of Justice (USDOJ) announced this week, that Frank Spinosa, the regional Vice President of TD Bank has been charged with conspiring to commit fraud, and having worked with the already convicted executive officer Scott W. Rothstein of Rothstein, Rosenfeldt and Adler, P.A.

According to the indictment that was unsealed last Friday, Spinosa allegedly defrauded investors along with Rothstein from 2008 to November 2009. The investigative works of the FBI and the IRS thus far have found that the pair of executives worked together to utilize their positions as a tool to swindle investors.

The USDOJ stated that it was during these early years of the mortgage crisis that Spinosa and Rothstein reportedly created fraudulent documents to convince their victims that certain investment funds were secured in restricted TD Bank accounts, and that other specific balances were also tucked away in additional TD accounts. Both these assertions have been found to have been false.

If convicted for conspiring to commit wire fraud and the five counts of wire fraud by the works of prosecuting Assistant attorneys Lawrence D. LaVecchio; Paul F. Schwartz; and Jeffrey N. Kaplan, Spinosa faces a maximum of 20 years in prison and a $1.5 million fine ($250,000 for each charge).

Spinosa would not be the only convicted co-conspirator connected to the notorious Rothstein according to the USDOJ. Just a few weeks ago at the beginning of October, a former law partner of Rothstein was sentenced to serve three years in prison for a conspiracy charge. Stuart Rosenfeldt, had admitted to his crimes in June 2014 to working with Rothstein to commit campaign finance violations involving contributions to the presidential campaign of Republican Sen. John McCain and the GOP Senate campaign of Charlie Crist (both of whom were not involved in the fraud scheme). Rothstein is carrying out a 50-year prison sentence himself for the Ponzi scheme crimes he committed.

 

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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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