TD Bank will pay $1.2 billion to settle a lawsuit alleging its involvement in an infamous $7 billion Ponzi scheme orchestrated by disgraced financier Allen Stanford more than a decade ago
Toronto-Dominion Bank agreed to pay $1.205 billion to a court-appointed receiver who will in turn pay back victims of the scheme but denied any wrongdoing, the bank said in a statement Monday Stanford was sentenced to 110 years in prison in 2012 after being found guilty on 13 counts of fraud-related charges in Houston. Prosecutors charged that Stanford sold billions of dollars in fraudulent certificates of deposit administered by Stanford International Bank Ltd.
“HSBC is pleased to have resolved this claim, which relates to matters over a decade old, with no admission of any liability or wrongdoing,” the bank said in a statement. Independent Bank did not immediately respond to a request for comment. In a securities filing, the firm denied liability or wrongdoing.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
TD, other banks to pay $1.35B to end Allen Stanford Ponzi scheme lawsuitStanford’s Ponzi scheme was at the time considered the largest other than Madoff’s.
Read more »
Trio of banks to pay $1.34 billion settlement to Stanford Ponzi scheme victimsToronto-Dominion Bank, HSBC and Independent Bank (formerly Bank of Houston), have agreed...
Read more »
TD, other banks reach $1.35 bln settlements to end Stanford litigationThree banks agreed to pay $1.35 billion to resolve litigation by former Allen Stanford investors who accused them of contributing to the imprisoned financier's massive Ponzi scheme.
Read more »
4 Russian Nationals Indicted in Running a $340 Million Crypto Ponzi SchemeOkhotnikov, Oblamska, Sergeev, and Maslakov could spend up to 20 years in prison if convicted.
Read more »
Stanford professor: Mass tech layoffs caused by 'social contagion'I'm a Stanford professor who's studied organizational behavior for decades. The widespread layoffs in tech are more because of copycat behavior than necessary cost-cutting.
Read more »
No. 8 Utah women’s hoops outlasts No. 3 Stanford for share of Pac-12 titleIn front of arguably the best basketball atmosphere the Huntsman Center has hosted this winter, a game-high 28 points from third-year sophomore Gianna Kneepkens and a slew of big-time shot-making from her teammates helped deliver an 84-78 victory.
Read more »