TD Bank questioned in Scott Rothstein scandal
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BY SALLY KESTIN
Sun Sentinel
Investors who fear they may have lost hundreds of millions entrusted to Fort Lauderdale lawyer Scott Rothstein are now questioning the bank that held the investment money.
TD Bank maintained accounts for the investment business that Rothstein covertly ran from his law firm. The firm alleged in a lawsuit earlier this week that large sums of investors' money were unaccounted for and ``may have been misused by Rothstein.''
William Scherer, a lawyer representing an investment group owed about $75 million, said he is investigating the role of the bank and whether anyone there helped Rothstein take money out. Frank Spinosa, a regional vice president, handled the accounts, Scherer said.
``We're looking to see how the funds moved, who was involved there and the kind of accounts that were set up,'' Scherer said.
Spinosa could not be reached for comment despite messages left at the bank and his home in Weston. The bank said it could not discuss Rothstein's accounts ``due to privacy issues.''
``TD Bank will work with the authorities to the fullest extent and as a normal course of business is conducting an internal investigation,'' said spokeswoman Rebecca Acevedo.
Alan Sakowitz, a Miami lawyer who met with Rothstein in August to discuss a potential investment, said Rothstein told him he routinely kept $700 million to $900 million at TD Bank.
``He said he was the only one that had control over it,'' Sakowitz said.
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