FORT LAUDERDALE, Fla. (AP) -- A former Florida executive at TD Bank has reached a deal with prosecutors to plead guilty for his role in ex-lawyer Scott Rothstein's $1.2 billion Ponzi scheme.
Court documents filed Tuesday show that Frank Spinosa will plead guilty Oct. 8 to wire fraud conspiracy, which carries a maximum five-year prison sentence and $250,000 fine. Spinosa's trial had been set next month.
Prosecutors say Spinosa used his position at TD Bank to falsely assure Rothstein's investors their money was safe. Rothstein's scam involved investments in phony legal settlements. It collapsed in fall 2009, followed shortly after by Rothstein's Fort Lauderdale law firm.
More than two dozen people have been convicted in the scam. Rothstein is serving a 50-year prison sentence after pleading guilty to several charges.