Op risk data: TD Bank takes $95m pill for pyramid scheme
Also: GE settles after juicing asset manager sale; keeping conflicts of interest quiet. Data by ORX News
TD Bank took October’s biggest hit, by way of a $95 million settlement, approved by a Massachusetts court, to compensate victims of the TelexFree Ponzi scheme, which defrauded approximately 2 million supposed investors worldwide. The $3 billion scam is believed to be, by sheer number of those affected, one of the largest frauds ever carried out.
TD Bank first opened a deposit account for TelexFree in September 2012. The operator was immediately flagged for suspicious activity because its
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