A pair of former TD Bank employees in New York are going to jail for their roles in financial crimes that targeted the bank, including a money laundering scheme.
Earlier this year, a couple of New York-based former employees of TD Bank, N.A. — Wilfredo Aquino and Edward Low — pleaded guilty to charges that arose from their roles in alleged fraud and money laundering schemes.
In January, Aquino pleaded guilty to conspiring to launder monetary instruments in connection with a money laundering network that allegedly moved hundreds of millions of dollars through TD accounts between 2019 and 2021.
According to court filings, Aquino used his position as an assistant branch manager to facilitate money laundering by processing 1,680 cheques for the network without reporting transactions that triggered anti-money laundering reporting requirements.
Separately, in February, Low pleaded guilty to conspiring to commit wire fraud affecting a financial institution and making false bank entries as a bank employee.
Low allegedly accepted bribes for obtaining confidential bank customer information and passing it along to fraudsters who used that information to steal customers’ money; and, falsified bank records to open an account for a shell company that was then used in a separate fraud.
Aquino has been sentenced to 46 months in prison, and Low was sentenced to 24 months.