Last of 29 defendants gets 2.5 year sentence in $1.2 billion Florida Ponzi scheme

MIAMI – A former bank executive who is the last remaining defendant in imprisoned ex-lawyer Scott Rothstein’s $1.2 billion Ponzi scheme has been sentenced to more than two years in prison.

A Miami federal judge imposed the sentence Friday on Frank Spinosa, a former executive at TD Bank. Prosecutors say Spinosa will become the 29th person sent to prison in the Rothstein scam, which collapsed six years ago.

Spinosa admitted when he pleaded guilty in October to wire fraud conspiracy that he used his position at TD Bank to falsely assure Rothstein’s investors that their money was safe. Rothstein’s scam involved investments in phoney legal settlements that promised huge returns.

Rothstein himself is serving a 50-year prison sentence after pleading guilty to several charges.

Authorities say investors were repaid their lost money.