Toronto-Dominion Sued Over Stanford Investments
September 4, 2009
By Joe Schneider
Toronto-Dominion Bank, Canada's second-biggest bank, was accused in a lawsuit of negligence and knowing assistance for
allegedly helping R. Allen Stanford, who is accused of swindling investors of more than $7 billion, the National Post
reported.
The lawsuit, filed in Ontario Superior Court Aug. 26 by Bennett Jones LLP, seeks C$17 million ($15.5 million) for five
Canadian investors who say Toronto-Dominion's role as a correspondent bank increased the credibility of Stanford's
investments, the Post said. The investors claim they lost money in certificates of deposits based on recommendations
made by a financial adviser who worked for the Stanford Group of companies, the Post said.
Toronto-Dominion conducted its business in an "appropriate and lawful manner," Susan Webb, a spokeswoman at the bank,
told the newspaper.
Stanford, who faces 21 criminal charges, denies all wrongdoing tied to what the government says was a scheme to pay
early investors "improbable if not impossible" returns with funds taken from later investors in Antiguan certificates
of deposit. He is being held without bail until he can go on trial.
READER DISCUSSION
SIVG reserves the right to delete comments that are off-topic or offensive. Excessively long comments may be moderated as well. SIVG cannot facilitate requests to remove comments or explain individual moderation decisions. The comments posted here, express only the views of their authors and not the administrators/moderators from SIVG; for that reason SIVG won't be held responsible for those contents
Showing 0 comments...