TD Bank insider sentenced in U.S. money laundering bribery case

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TD Bank money laundering case

Highlights

Leonardo Ayala, a former TD Bank retail banker, received two years in prison and three years supervised release after laundering over $5.5 million to Colombia.
Ayala facilitated more than 12,000 ATM withdrawals from fraudulent accounts and accepted over $6,000 in bribes from co-conspirators between June and November 2023.
The case underscores regulatory focus on insider misconduct, exposing compliance risks for U.S. banks in account openings, debit card management, and suspicious transaction alerts.

Sentencing details and laundering scheme

As reported by the U.S. Department of Justice, Leonardo Ayala, 26, of Homestead, Florida, receives two years in prison and three years of supervised release for accepting bribes and facilitating the laundering of more than $5.5 million to Colombia.

Court documents show Ayala used his position as a retail banker at TD Bank N.A. to open fraudulent accounts, issue more than 150 debit cards to shell companies and unblock cards that the bank had restricted over suspicious activity. From June to November 2023, those accounts and cards were used for more than 12,000 ATM withdrawals in Colombia, transferring about $5.5 million out of the U.S.

In return, Ayala accepted more than $6,000 in bribes from co-conspirators. He pleaded guilty to a two-count information charging conspiracy to launder monetary instruments and accepting bribes as a bank employee.

Regulatory and sector implications

The case highlights continuing enforcement pressure on insider misconduct at financial institutions, particularly where employees can override internal controls or enable cross-border movement of illicit funds. For banks operating in the U.S., the matter points to compliance risks tied to account opening, debit card issuance and alerts linked to suspicious transactions.

The IRS Criminal Investigation Newark Field Office and the Federal Deposit Insurance Corporation Office of Inspector General New York Region investigate the case. Prosecutors include trial attorneys from the Justice Department's Money Laundering, Narcotics and Forfeiture Section and an assistant U.S. attorney for the District of New Jersey.

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