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TD Bank Insider Pleads Guilty to Facilitating Colombian ATM Money Laundering Scheme
A former New Jersey-based employee of TD Bank, N.A., Oscar Marcel Nunez-Flores, pleaded guilty today to accepting bribes in return for facilitating a money laundering network’s movement of over $26 million to Colombia through TD Bank accounts.
Nunez, 34, of North Plainfield, New Jersey, pleaded guilty before the Honorable Esther Salas to a two-count Information charging him with conspiring to launder monetary instruments and for receipt of bribes by a bank employee. He is scheduled to be sentenced on May 27.
This case shows how complex money laundering schemes often depend on insiders who are willing to bend—or break—basic safeguards. Our office will continue to identify, investigate, and prosecute those who turn financial institutions into vehicles for large-scale criminal activity.
Nunez, then a TD Bank employee in Scotch Plains, New Jersey, accepted bribes and leveraged his position to facilitate a money laundering network’s expatriation of over $26 million from the United States to Colombia. Through the course of his scheme, Nunez opened dozens of accounts in the names shell companies with nominee owners.
The charge of money laundering conspiracy carries a maximum penalty of 20 years in prison and a fine of $500,000 or twice the amount involved in the offense, whichever is greater. The charge of receipt of bribes by a bank employee carries a maximum penalty of 30 years in prison and a fine of $1,000,000 or three times the amount involved in the offense, whichever is greater.
The U.S. Drug Enforcement Administration (DEA), IRS-Criminal Investigation (IRS-CI), and the Federal Deposit Insurance Corporation Office of Inspector General (FDIC-OIG) investigated the case. The charge of money laundering conspiracy carries a maximum penalty of 20 years in prison and a fine of $500,000 or twice the amount involved in the offense, whichever is greater.
Key Facts
- State: New Jersey
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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