SEC v. TD Bank, N.A. (2013)

Settled

Checked against the primary document on October 2, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, with sampled and disputed records read a second time. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.

Report an error in this record (sec-td-bank-n-a-2013) by email

In September 2013 the SEC settled charges against TD Bank, N.A. over the conduct of a former regional vice president who gave investors misleading comfort about locked trust accounts in Scott Rothstein's fraudulent "settlement" investments. The bank agreed to a cease-and-desist order and a $15 million civil penalty.

The record

Structured fields for this action, as recorded in our case library.
Agency	SEC
Release number	33-9453
Date filed	2013-09-23
Date resolved	2013-09-23
Status	settled
Asset class	equities
Venue	NYSE
Criminal parallel	No
Defendants	TD Bank, N.A. (entity)
Cited as charged or alleged	Securities Act s.17(a) (statutes and rules cited in the document; not a finding that they were violated)
Techniques

What was ordered

Civil penalty: $15m
Disgorgement: —
Prejudgment interest: —
Total relief: $15m
Alleged gain: —

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

The order finds that from 2005 to 2009 Rothstein used his law firm to sell purported discounted legal settlements that did not exist, and that the vice president told two investors that trust accounts at the bank, said to hold the settlement money, held the balances Rothstein claimed when they held little. The bank is found to have caused violations of Sections 17(a)(2) and 17(a)(3) of the Securities Act.

The Commission imposed the sanctions the bank offered in settlement: a cease-and-desist order and a civil money penalty of $15,000,000. The record showed the outcome as dismissed and no penalty.

No technique tag is applied. The Ponzi scheme in the document is Rothstein's; the bank is charged for its officer's statements, not for operating or paying into a scheme.

Timeline

2013-09-23 Administrative proceeding instituted (cease-and-desist)

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

SEC order

The linked release is a work of the United States government and is not subject to copyright. Our summary and narrative above are our own writing.

Record added September 10, 2026. submit a correction.