Ponzi

He would explain to people that assume Social Security is a “Ponzi scheme,” pointing out that “these are real dollars that get paid in every year and real dollars that get paid out. It is more akin to an insurance company where premiums are collected and benefits are paid out.”

The bank, which goes by the name TD Bank in the U.S., facilitated the laundering of more than a half-billion dollars by human traffickers, fentanyl dealers, a major Ponzi schemer and others.

Last year, the bank agreed to pay $1.2 billion to settle a lawsuit accusing it of involvement in a $7-billion Ponzi scheme orchestrated by conman Allen Stanford, who is now in prison.

And Ponzi schemer Eliyahu Weinstein, who had been serving a 24-year sentence for fraud when he received his commutation in January 2021, was charged in 2023 in a separate $35 million fraud scheme.

What clients, online sleuths and ultimately law enforcement found was essentially a Ponzi scheme, prosecutors said.