Toronto-Dominion Bank agreed to pay $1.205 billion to a court-appointed receiver who will in turn pay back victims of the scheme but denied any wrongdoing, the bank said in a statement Monday Stanford was sentenced to 110 years in prison in 2012 after being found guilty on 13 counts of fraud-related charges in Houston. Prosecutors charged that Stanford sold billions of dollars in fraudulent certificates of deposit administered by Stanford International Bank Ltd.
“HSBC is pleased to have resolved this claim, which relates to matters over a decade old, with no admission of any liability or wrongdoing,” the bank said in a statement. Independent Bank did not immediately respond to a request for comment. In a securities filing, the firm denied liability or wrongdoing.
You?
They stole 7 billion and only have to pay back 1.2 billion Makes sense!🙄 That's a hell of an exchange rate!