Former TD employee pleads guilty in money-laundering case

Wilfredo Aquino, a former TD assistant manager in Midtown Manhattan, pleaded guilty to conspiring to launder funds tied to a network that prosecutors say moved hundreds of millions of dollars through TD branches; authorities allege he processed more than 1,600 cheques totaling over US$92-million.

A former TD Bank employee in New York has pleaded guilty in a U.S. money-laundering case. Wilfredo Aquino, 47, worked as an assistant manager at a Midtown Manhattan branch. U.S. prosecutors say he helped a laundering network move funds through that branch between 2019 and February 2021. The case is part of a broader Justice Department and regulatory investigation into funds that moved through TD accounts. What is known: - Wilfredo Aquino pleaded guilty to conspiring to launder monetary instruments, according to U.S. prosecutors. - Prosecutors allege he processed more than 1,600 cheques for the network, totaling over US$92-million, and that many cheques exceeded the US$10,000 reporting threshold. - The network leader, Da Ying Sze (also known as David), previously pleaded guilty in 2022 to coordinating a US$653-million laundering conspiracy. - TD Bank pleaded guilty in October 2024 to conspiracy to commit money laundering and agreed to pay over US$3-billion in penalties and accept compliance requirements. - TD said it is cooperating with law enforcement and has been investing in its anti-money-laundering program, including hiring additional compliance staff, according to a company spokesperson. Summary: The guilty plea is a legal development connected to a wider investigation of how funds moved through TD branches and follows previous guilty pleas by the network leader and by TD itself. The matter highlights ongoing enforcement and remediation efforts tied to the case. Undetermined at this time.