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Former Rothstein Ponzi investors sue Bank of America

Former Rothstein Ponzi investors sue Bank of America

Dozens of former investors — who lost more than $385 million in convicted Ponzi schemerScott Rothstein’s massive fraud — filed a pair of civil lawsuits against Bank of Americaand four current or former employees on Monday.

The lawsuits, filed in Broward Circuit Court, allege that Bank of America and some of its employees knew about and “helped” Rothstein commit his fraud, then lied about their actions to people who were long-term bank clients.

“Bank of America’s goal was to impress Rothstein enough to induce him to deposit his ill-gotten billions at Bank of America and become the Rothstein scheme’s principal banker. After the Rothstein scheme crashed, [the bank] had its Senior Vice-President lie repeatedly under oath in deposition to try to cover up the Bank’s actions,” civil attorney William Scherer wrote in the lawsuits.

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