Former TD employee in Florida pleads guilty to accepting bribes and laundering millions

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Photo by Joe Raedle/Getty ImagesTHIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountGerardo Aquino of Hollywood, Fla., was accused of opening fraudulent accounts, issuing hundreds of debit cards to his co-conspirators and unblocking debit cards that TD had restricted due to potential fraud, according to court documents. The bank accounts and cards were then used to funnel money out of the U.S.This advertisement has not loaded yet, but your article continues below.He also opened 86 individual customer accounts using the same exact commercial address in Miami, which were used to launder more than US$3 million in illicit funds to Colombia in exchange for more than US$8,000 in bribes, according to a U.S. Department of Justice statement on Tuesday.Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try againAquino pleaded guilty to conspiring to launder money and receiving bribes. The former charge carries a maximum penalty of 20 years in prison, while the latter has a maximum penalty of 30 years. His sentencing has been set for March 23 next year.“This guilty plea demonstrates that corrupt financial insiders are just as critical to criminal networks as those who move drugs or incite violence,” associate chief of operations Greg Millard of the Drug Enforcement Administration (DEA) said in a statement on Tuesday.A. Tysen Duva, assistant attorney general of the Justice Department’s Criminal Division, said Aquino abused his position of trust at TD Bank and “enriched himself” in the process.“Bank insiders who facilitate money laundering and illegal activity for criminal organizations play a critical role for that organization and abuse our financial system. When that happens, these insiders will be investigated and prosecuted,” he said in a statement.This advertisement has not loaded yet, but your article continues below.U.S. agencies fined Canada’s second-largest bank US$3.1 billion in 2024 and restricted its growth in that country for failing to prevent money-laundering activities. The agencies had also charged former TD employees for their involvement in the schemes.Two former TD employees based in New York were sentenced to prison in July. Wilfredo Aquino was sentenced to 46 months for supporting a money laundering network’s movement of millions of dollars through TD accounts and Edward Low was sentenced to two years for making false bank entries and conspiring to commit wire fraud.We apologize, but this video has failed to load.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. 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