Lawyer. Ponzi Scheme. Guilty Plea. Bank Liability?

Another lawyer has pleaded guilty to operating a massive Ponzi scheme. His name: Scott Rothstein. The size of this financial fraud, according to the government: $1.2 billion. 

According to an article by Jay Weaver and Amy Sherman in The Miami Herald, more arrests are likely. The authorities have recovered about $60 million of assets from Rothstein, but we wonder if there is a possibility of more recovery – perhaps from a bank. The article points out, “As FBI and IRS agents examined Rothstein's financial records, legal documents and e-mails, they uncovered that the lawyer had looted about 40 investor and client trust accounts at Toronto Dominion Bank, seemingly with ease. Contrary to proper procedures, it turned out there were no strict controls over his access to the money.” Hmmm…..
 
The article is available at http://www.miamiherald.com/news/miami-dade/breaking-news/v-fullstory/story/1447847.html.