Former TD Bank employee in U.S. pleads guilty to aiding money-laundering network
A former New York TD Bank employee pleaded guilty after processing about 1,680 cheques worth more than US$92 million for a laundering network. Sentencing is set for May 12.
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By Torontoer Staff
A former New York–based employee of Toronto-Dominion Bank has pleaded guilty to conspiring to launder monetary instruments after processing roughly 1,680 bank cheques worth more than US$92 million for a money-laundering network, the United States Department of Justice said Tuesday.
The transactions were concentrated at TD’s Midtown Manhattan branch and most cheques were above US$10,000, amounts that legally trigger a currency transaction report. The employee, Wilfredo Aquino, accepted retail gift cards valued at more than US$11,000 in return for his role.
The plea and penalties
Aquino pleaded guilty to conspiring to launder monetary instruments and is scheduled to be sentenced on May 12. The offence carries a maximum penalty of 20 years in prison and a fine of US$500,000 or twice the amount involved in the offence, whichever is greater.
According to the DoJ, Aquino processed approximately 1,680 bank cheques that totalled more than US$92 million. Prosecutors say nearly all of the cheques were above the US$10,000 threshold that would normally prompt bank staff to file currency transaction reports.
How the laundering network operated
The laundering scheme was led by an individual identified as Da Ying Sze, also known as David. Sze used multiple TD branches to move funds, but the most activity flowed through the Midtown Manhattan branch where Aquino worked.
The DoJ said Aquino knew other TD branches had closed accounts linked to Sze because of suspicious activity. A co-worker warned Aquino that the pattern looked like money laundering, but he did not report the transactions to bank compliance or regulators.
Nobody processed more transactions for David’s network at the Midtown Manhattan store than Aquino.
U.S. Department of Justice
Sze previously pleaded guilty in February 2022 to coordinating a US$653-million money-laundering conspiracy, operating an unlicensed money-transmitting business and bribing bank employees to facilitate transactions, the DoJ said.
Official response and accountability
Prosecutors emphasised that bank employees are the first line of defence against money laundering and other financial crimes. Philip Lamparello, senior counsel for the Criminal and Special Prosecutions Division of the U.S. Attorney’s Office for the District of New Jersey, said the government would hold staff accountable when they ignore legal obligations.
Bank employees are the first line of defence against money laundering, fraud and other financial crimes. When bank employees ignore their obligations, we will not hesitate to hold them accountable.
Philip Lamparello, U.S. Attorney’s Office for the District of New Jersey
In addition to prosecutions of individual employees, TD Bank as an institution has faced regulatory penalties related to anti-money-laundering shortcomings. In 2024 U.S. agencies fined the bank US$3.1 billion and imposed restrictions on its U.S. growth for failing to prevent money-laundering activities.
Other related cases and internal risks
Aquino is not the only former TD employee implicated in the network. A separate former Florida-based TD employee was arrested and charged in December 2024 for allegedly issuing dozens of debit cards to the same laundering group in exchange for bribes.
Prosecutions highlight the variety of internal vulnerabilities criminals exploit, including staff willing to circumvent controls, repeated large cash or cheque deposits and attempts to move funds through multiple branches to avoid detection.
- Number of cheques processed by Aquino: about 1,680
- Total value processed through Aquino: more than US$92 million
- Value of gift cards received by Aquino: more than US$11,000
- Sze’s earlier guilty plea related to a US$653-million laundering conspiracy
- TD Bank fined US$3.1 billion by U.S. agencies in 2024
What happens next
Aquino’s sentencing is set for May 12. The outcome will determine the penalties he faces and may influence ongoing civil and regulatory scrutiny of TD Bank’s compliance systems in the United States. Prosecutors have made clear they will pursue both individual accountability and institutional remedies where weaknesses are found.
The case underscores the role of frontline bank staff in spotting and reporting suspicious activity, and the legal exposure that follows when reporting obligations are ignored.
TD Bankmoney launderingfinanceUS Department of Justice
