A former TD Bank assistant store manager has pled guilty to conspiring to launder millions of dollars in illicit funds through bank locations in New Jersey, New York, and elsewhere, federal authorities said. Wilfredo Aquino, 47, of New York, pleaded guilty on January 6, 2026, to one count of conspiring to launder money as part of a vast worldwide financial crime network.
Aquino, who worked at a TD Bank branch in Midtown Manhattan, played a key role in aiding a money laundering scheme directed by Da Ying Sze—also known as David—and his co-conspirators, described by prosecutors as “David’s Network.” Between 2019 and February 2021, David’s Network made cash deposits at several bank locations in the region, transferring roughly $474 million into TD Bank accounts.
“Aquino helped criminals launder money from inside TD Bank. Bank employees are the first line of defense against money laundering, fraud, and other financial crimes. When bank employees ignore their obligations and instead use their positions to commit crimes and line their own pockets, we will not hesitate to hold them accountable.” – Senior Counsel Philip Lamparello
According to court documents, the majority of the network’s laundering operation went through Aquino’s branch, where he personally processed around 1,680 official bank checks totaling more than $92 million. Almost all of the checks were supported by cash deposits of more than $10,000, which legally compelled TD Bank to file Currency Transaction Reports (CTRs). Despite being aware of David’s position and the questionable nature of the activity, Aquino omitted to list him as the “conductor” of the transactions on multiple occasions.
Federal prosecutors claimed that Aquino ignored internal warnings, including a colleague’s worry that David’s activity “looks like money laundering,” and proceeded to process high-volume transactions. In February 2021, Aquino assisted in the transfer of approximately $2 million in cash via a third-party account, once again hiding David’s identity from CTR filings.
In exchange for his assistance, David sent Aquino more than $11,000 in shop gift cards, which included reimbursement for the February 2021 transactions.
Aquino is expected to be sentenced on May 12. The money laundering conspiracy accusation carries a maximum term of 20 years in federal prison and a fine of up to $500,000 or double the amount laundered, whichever is larger.
“The defendant leveraged his position at TD Bank and facilitated the criminal activity of a money laundering network that moved hundreds of millions of dollars through the bank’s accounts,” said Assistant Attorney General A. Tysen Duva of the Justice Department’s Criminal Division. “During the illicit scheme, the defendant evaded reporting requirements to hide the identity of the leader of the money laundering network.”
The IRS-CI and the FDIC-OIG conducted the investigation, with assistance from the Morristown Police Department. The case is being handled by prosecutors from the United States Attorney’s Office for the District of New Jersey and the US Department of Justice’s Criminal Division.
David, the laundering network’s chief, pled guilty in 2022 to running an unauthorized money transmission business and executing a $653 million conspiracy that involved bribing bank workers.
The United States Department of Justice’s Bank Integrity Unit continues to investigate and punish financial professionals and institutions whose actions jeopardize the financial system’s integrity.
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