A court recently sentenced two former TD Bank workers who were part of a money laundering network. The first 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.
From 2019 to February 2021, Wilfredo Aquino and his co-conspirators transferred about $474 million through TD Bank accounts by depositing cash at TD Bank locations in New York, New Jersey, and elsewhere. Aquino processed around 1,680 official bank checks worth around $92 million. Almost all bank checks were funded with a cash deposit of more than $10,000, which triggered TD Bank’s legal need to file a currency transaction report.
In February 2021, Aquino enabled the transfer of around $2 million in cash. He accepted more than $11,000 in gift cards for facilitating the plan. He pleaded guilty in January.
Edward Low received bribes and exploited his position as a TD Bank employee to fraudulently collect confidential client information, which he passed on to co-conspirators who used it to take over consumers’ accounts and steal money.
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