Toronto Dominion Bank, one of Canada's largest financial institutions, has been accused, by the victims of two of the Caribbean's most notorious financial crime scandals, of allowing major fraudsters to use the bank to commit massive fraud and money laundering offenses. The bank has also been implicated in assisting Ponzi schemers to steal millions of dollars from investors in Florida.
First, a suit reportedly filed against TD Bank claims that it, by allowing billions of dollars to come unexamined into a correspondent account, the Bank effectively facilitated the Ponzi scheme perpetrated by R Allen Stanford, the convicted owner of Stanford International Bank, which operated in Antigua. it is alleged that the Bank, which earned lucrative fees for providing its services to Stanford, even after his operation came under suspicion and investigation, turned a blind eye to his dodgy operation. Stanford is serving a 110-year sentence in the United States, but no bank officer was ever indicted for the Bank's role in the fraud.
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