A court recently sentenced two former TD Bank employees as part of a money laundering network. One defendant was sentenced to 46 months in prison for facilitating the movement of millions of dollars through TD Bank accounts while the second defendant was sentenced to 24 months in prison for conspiring to commit wire fraud affecting a financial institution and making false bank entries or reports as a bank employee.
Wilfredo Aquino and his co-conspirators moved approximately $474 million through TD Bank accounts from 2019 to February 2021 by depositing cash at TD Bank stores in New York, New Jersey and elsewhere. Aquino processed approximately 1,680 official bank checks totaling approximately $92 million. Nearly all bank checks were funded with a corresponding cash deposit of more than $10,000, triggering TD Bank’s legal requirement to file a currency transaction report.
In February 2021, Aquino facilitated the movement of nearly $2 million in cash. He accepted gift cards totaling more than $11,000 for his facilitation of the scheme. He plead guilty in January.
Edward Low accepted bribes and leveraged his position as a TD Bank employee to fraudulently obtain confidential customer information that he passed to co-conspirators who used the information to take over customers’ accounts and steal money.