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Former Bank Vice President Sentenced in Connection with Rothstein Case
A former bank vice president was sentenced to 30 months in prison for his role in a massive Ponzi scheme connected to the Rothstein case.
Frank Spinosa, 54, of Ft. Lauderdale, was sentenced to 30 months in prison, followed by one year of supervised release, for conspiracy to commit wire fraud in connection with the operation of the former Fort Lauderdale law firm of Rothstein, Rosenfeldt and Adler, P.A. (RRA).
According to court records, Spinosa conspired with Scott W. Rothstein, the Chairman and Chief Executive Officer of RRA, to induce investors into buying fictitious confidential settlements. Spinosa, a Regional Vice President with TD Bank at the time, used the prestige and legitimacy of the bank to give investors a false sense of security and induce them into investing in the scheme by fraudulently creating documents that made it appear that certain investment funds were being held in restricted accounts at TD Bank when, in fact, they were not.
Spinosa pleaded guilty on October 8, 2015, to conspiracy to commit wire fraud, in violation of Title 18, United States Code, Section 371.
The case is being prosecuted by Assistant U.S. Attorneys Lawrence D. LaVecchio, Paul F. Schwartz, and Jeffrey N. Kaplan.
Mr. Wifredo A. Ferrer, United States Attorney for the Southern District of Florida, commended the investigative efforts of IRS-CI and the FBI.
This case is a reminder of the importance of holding individuals accountable for their roles in complex financial crimes.
Key Facts
- State: Florida
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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