⏱ 2 min read
Wilfredo Aquino, a 47-year-old former TD Bank assistant store manager, and another bank insider, have been sentenced for their roles in a massive money laundering scheme that moved $474 million through TD Bank accounts in New Jersey, New York, and elsewhere. The scheme, which lasted from 2019 to February 2021, was led by Da Ying Sze, also known as David, who pleaded guilty to coordinating a $653 million money laundering conspiracy. Aquino and the other insider used their positions to facilitate the movement of millions of dollars in cash deposits and official bank checks.
Aquino processed approximately 1,680 official bank checks for David and his co-conspirators, totaling more than $92 million. Nearly all of these bank checks were funded with a corresponding cash deposit exceeding $10,000, which triggered TD Bank’s legal requirement to file a currency transaction report (CTR). Despite knowing that David was conducting suspicious activity, Aquino never identified him as the ‘conductor’ on the CTR.
The scheme was uncovered, and Aquino was sentenced to 46 months in prison, while the other insider received 24 months in prison for conspiring to commit wire fraud and making false bank entries. The sentences mark a significant victory for law enforcement in the fight against money laundering and financial crimes.
The case highlights the importance of banks and financial institutions in preventing and detecting money laundering schemes. TD Bank had previously closed other accounts linked to David for suspicious activity, and Aquino’s colleague had warned him that David’s activity ‘looks like money laundering.’ The sentences serve as a warning to bank insiders who may be tempted to facilitate or turn a blind eye to suspicious activity.
📋 Key Facts
- Crime: Fraud & Financial Crimes
- Defendant: New Jersey
- Location: NJ
- Source: DOJ Press Release
