TD Bank insiders sentenced in U.S. money laundering and fraud case

Traders Union
All News
Financial News
TD Bank insiders sentenced

Highlights

Wilfredo Aquino, ex-TD Bank assistant store manager, sentenced to 46 months for facilitating movement of over $92 million through 1,680 illicit checks linked to a $474 million money laundering ring.
Edward Low, former TD Bank employee, sentenced to 24 months for taking at least $26,700 in bribes, leaking confidential data, and enabling $484,572.16 in fraud from January to May 2021.
The case flags significant compliance and anti-money laundering risks for banks, emphasizing ongoing regulatory scrutiny of internal controls, cash reporting, and employee behavior.

Sentencing details in New Jersey case

As reported by the U.S. Department of Justice, former TD Bank employee Wilfredo Aquino is sentenced to 46 months in prison for facilitating a money laundering network's movement of millions of dollars through TD Bank accounts, while former employee Edward Low is sentenced to 24 months in prison in a related but separate fraud case.

Court documents say Aquino, 47, of Manhattan, used his role as a TD Bank assistant store manager to help a money laundering network move funds through bank accounts from 2019 to February 2021. Prosecutors say the network led by Da Ying Sze, also known as David, moved about $474 million through TD Bank accounts by depositing cash at stores in New York, New Jersey and other locations.

During that period, Aquino processed about 1,680 official bank checks totaling more than $92 million for Sze and his co-conspirators. Prosecutors say nearly all were backed by cash deposits above $10,000, triggering a legal requirement for TD Bank to file currency transaction reports, yet Aquino did not identify Sze as the conductor of the transactions and concealed his role in the scheme.

The Justice Department says Aquino also knew TD Bank had closed other accounts linked to Sze for suspicious activity, and that a colleague warned him the activity looked like money laundering. In February 2021, he facilitated three cash transactions totaling almost $2 million through a third party's account, and prosecutors say he accepted more than $11,000 in retail gift cards in exchange for helping the scheme. Aquino pleaded guilty in January 2026 to conspiring to launder monetary instruments.

Low, 31, of Flushing, New York, pleaded guilty in February 2026 to conspiring to commit wire fraud affecting a financial institution and making false bank entries or reports as a bank employee. Prosecutors say that from January 2021 through May 2021 he accepted bribes, used his TD Bank retail role to obtain confidential customer information and passed it to outside conspirators who took over accounts and stole customer funds, while also processing some illicit transactions himself.

Authorities say Low received at least $26,700 in bribes and facilitated $484,572.16 in fraud at TD Bank. They also say that from May 2022 through August 2022, while employed at another financial institution, he accepted a bribe to falsify bank records and open an account in the name of a shell company, which was then used to commit at least $47,195 in fraud.

Compliance risks for the banking sector

The case underscores continuing regulatory and criminal enforcement pressure on internal bank controls, especially around cash reporting, employee conduct and account security. It also highlights the risks to financial institutions when frontline staff bypass anti-money laundering rules or misuse access to confidential customer data.

The IRS Criminal Investigation Newark Field Office and the Federal Deposit Insurance Corporation Office of Inspector General's New York Region investigate the cases, with assistance from the Morristown Police Department. The prosecutions are handled by attorneys from the Justice Department's Money Laundering, Narcotics and Forfeiture Section and the U.S. Attorney's Office for the District of New Jersey.

Our earlier article on the $100 million New Jersey deli stock manipulation case covered James Patten’s request to avoid prison ahead of his sentencing, as prosecutors sought 12 to 18 months in custody despite higher guideline ranges. It outlined how Patten and the Cokers admitted to manipulating Hometown International and E-Waste shares, highlighting the broader scrutiny of microcap market abuse and repeat-offender fraud risks.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.