U.S. Sens. Ron Wyden (D-OR) and Elizabeth Warren (D-MA) are seeking information from TD Bank Group about a criminal conspiracy involving a fentanyl money laundering scheme.
The criminal conspiracy involved a scheme to launder nearly $500 million from the sale of illicit fentanyl trafficked by Chinese drug syndicates into the United States.
The case was part of the bank’s recent $3 billion settlement with the U.S. Justice and Treasury Departments.
The senators are seeking company documents and information to clarify the extent to which TD Bank employees were involved and who was responsible for the bank’s compliance failures.
“According to federal court records, between 2018 and 2021 TD Bank employees helped a network led by Da Ying Sze launder approximately $474 million in cash from illicit sales of fentanyl and other narcotics through TD Bank branches … The Sze network’s fentanyl money laundering scheme was done with the knowledge and participation of TD Bank employees,” Wyden and Warren wrote in a letter to TD Bank Group President Bharat Masrani.
However, the senators said it is unclear what consequences, if any, TD Bank executives faced for enabling this fentanyl money laundering scheme.
“TD Bank’s conduct endangered American lives and helped dangerous criminals from China and elsewhere expand their fentanyl trafficking operations in the U.S. The fentanyl crisis in America has already resulted in 100,000 deaths since 2022, and immediate action is needed to prevent traffickers from using the U.S. banking system to launder profits from the sale of this deadly poison. This includes swift action to hold bankers accountable, including criminal prosecution and sanctions,” Wyden and Warren wrote.
The lawmakers asked Masrani to answer several questions, including:
- When did TD Bank first become aware that cash being deposited by the Sze network at TD Bank stores in the U.S. were proceeds from illegal fentanyl sales in the U.S.?
- Did TD Bank ever conduct any internal due diligence or investigation to determine whether cash being deposited at TD Bank by the Sze network had links to the trafficking of fentanyl and other illegal narcotics? If so, please provide all documents related to that review.
- Did TD Bank ever conduct any internal due diligence or investigation to determine whether the Sze network had links to organized crime or drug trafficking organizations in China or elsewhere? If so, please provide all documents related to that review.
They also asked for several related documents.