Lawsuit Against TD Bank Expands as 18 Individuals Accuse Alleged Ponzi Schemer

A recent federal lawsuit has brought new attention to the case involving Christopher Aubin, a Rhode Island native, and former U.S. Marine accused of running a Ponzi scheme. The lawsuit, filed in Rhode Island, expands the legal actions against Aubin and others involved in the alleged scheme.

Christopher Aubin, a Lincoln-native, is accused of defrauding investors of millions of dollars, often leveraging his background as a Marine to gain their trust. The Ponzi scheme orchestrated by Aubin was first brought to light in an investigative report by GoLocalProv in September 2024. Since then, further details have been uncovered about the case, including ongoing investigations by both the U.S. Securities and Exchange Commission and the Department of Justice.

In addition to legal actions taken by government agencies, Aubin, his girlfriend, his companies, and an associate have now been sued by alleged victims in a new federal lawsuit filed in Rhode Island. The lawsuit specifically targets TD Bank for its role in facilitating the Ponzi scheme. The plaintiffs allege that TD Bank provided essential banking services and infrastructure that enabled Aubin to perpetrate the fraud.

According to the lawsuit, Aubin solicited investments from multiple individuals across various states, promising high returns supposedly generated from real estate investments. In reality, Aubin used new investors’ money to pay off earlier investors and fund his and his girlfriend’s extravagant lifestyle. Aubin is currently the subject of criminal investigations by state and federal authorities, including the IRS, and faces a lawsuit from the SEC in Massachusetts.

The plaintiffs in the lawsuit argue that TD Bank was complicit in the fraudulent scheme, as it failed to exercise due diligence and ignored warning signs of potential misconduct. They claim that TD Bank profited from transactions that sustained the Ponzi scheme and seek damages for the losses they incurred as a result of the bank’s involvement.

Central to the victims’ claim is the allegation that TD Bank did not adequately monitor the transactions related to Aubin’s accounts and turned a blind eye to suspicious activities. The lawsuit aims to hold TD Bank accountable for its role in the Ponzi scheme and the financial losses suffered by the victims.

As the legal battle unfolds, more details may come to light about the extent of TD Bank’s involvement in the alleged Ponzi scheme. The case serves as a stark reminder of the risks investors face when dealing with fraudulent schemes and the importance of conducting thorough due diligence when entrusting funds to financial institutions.