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Ex-TD Bank VP Charged In Florida Ponzi Scheme Case

Frank Spinosa, a former vice president of TD Bank from Fort Lauderdale, is facing a potential 20 year imprisonment sentence if convicted on charges made by the FBI in relation to an extensive Ponzi scheme in South Florida. Spinosa is believed to have participated in Scott Rothstein's $1.2 billion investment fraud. Spinosa was fired from TD Bank in November 2009 and charged last week with one count of conspiracy to commit wire fraud and five counts of wire fraud pertaining to his bank activities from 2008 to 2009. He was released on $250,000 bond and has an appearance in court scheduled for October 24. The grand jury indictment alleges that Spinosa played a role in Rothstein's gigantic Ponzi scheme that persuaded investors to put money in sham legal settlements. According to the FBI, Spinosa worked with Rothstein in an attempt to use the prestige and legitimacy of TD Bank and Spinosa's position as Regional Vice President to fool investors. Rothstein [...]

By |October 15th, 2014|Press Releases & News|
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Irish Businessman Receives Seven Years For $11M Ponzi Scheme

Breifne O'Brien, an Irish businessman and socialite, was sentenced this week by a court in Ireland to seven years imprisonment for operating a $10.8 million Ponzi scheme. The scheme consisted of O'Brien selling fake property investments before Ireland's real estate collapse in 2008. O'Brien pleaded guilty to 14 counts of fraud and theft with regard to the Ponzi scheme, as well as sham shipping and insurance schemes. He was alleged to have masterminded an operation in which he told investors that their money would be placed in a bank account from which he would draw money to pay for investment properties. He was then supposed to flip the properties and split any profits with his investors. The money, however, was not kept in a bank account and, instead, was used to pay back other victims of the scheme as well as O'Brien's personal expenses, including an extension of his house, a new car for his wide, and a Barbados apartment [...]

By |October 9th, 2014|Press Releases & News|
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Three Hedge Fund Managers Sentenced In Ponzi Scheme Case

Three hedge fund managers have been sentenced in a Ponzi scheme case that conned investors out of $40 million. Jeffrey Toft of Sioux Falls, South Dakota received 66 months in prison. Chad Sloat of Kansas City, Missouri received 70 months. And Michael Murphy of Deep Haven, Minnesota received 48 months. All three of their sentences will be followed by two years of supervised release. The judge further ordered that the defendants pay restitution to their victims. Toft will pay $2,172,666, Sloat will pay $3,747,130, and Murphy will pay $2,552,824.30. Sloat will additionally pay $93,727 to the IRS. Jonathan Davey of Newark, New Jersey, a fourth defendant, is currently awaiting sentencing. Judge Conrad stated during sentencing that the defendants exhibited callous greed causing devastating financial ruin to hundred of elderly and vulnerable victims. Conrad also noted that the lengthy sentences were reasonable provided the predatory nature of the scheme. According to court documents, the trio of defendants operated hedge funds as [...]

By |October 6th, 2014|Press Releases & News|
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Bank Of America To Pay Record $16.65B

Last Thursday, Bank of America and two of its subsidiaries agreed to settle its case with the U.S. Department of Justice for $16.65 billion. The settlement will put to end claims that the bank engaged in faulty lending during the housing boom years, making it the biggest settlement stemming from the 2008 financial crisis. The anticipated settlement ends claims pertaining to subprime mortgage practices at Countrywide Financial Corp., a lender acquired by Bank of America during the crisis, and Merrill Lynch, which Bank of America obtained at the government's urging at the height of the crisis. In addition to the biggest civil settlement against any single entity in the history of the Justice Department, Bank of America also signed off on a 30-page statement of facts outlining the alleged disclosure and other violations at Countrywide, Merrill Lynch and Bank of America itself. While the allegations against Bank of America, Countrywide Financial, and Merrill Lynch differ, each involved the entity "saying [...]

By |August 21st, 2014|Press Releases & News|
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