TD Bank insiders facilitating money laundering, fraud jailed 70 months

A New York-based former TD Bank employee has been sentenced to 46 months in prison for facilitating a money-laundering network’s movement of millions of dollars through TD Bank accounts.

A second New York-based former employee of TD Bank and another financial institution was sentenced to 24 months in prison for conspiring to commit wire fraud affecting a financial institution and making false bank entries or reports as a bank employee.

According to court documents, Wilfredo Aquino, 47, of Manhattan, New York, leveraged his position as a TD Bank assistant store manager to facilitate a money laundering network’s movement of hundreds of millions of dollars through TD Bank accounts from 2019 to February 2021.

During that time, the leader of the network, Da Ying Sze, aka David, and his co-conspirators moved $474 million through TD Bank accounts by depositing cash at TD Bank stores in New York, New Jersey, and elsewhere.

In February 2022, Mr Sze pleaded guilty to coordinating a $653 million money-laundering conspiracy, operating an unlicensed money-transmitting business, and bribing bank employees in connection with financial transactions.

During Mr Sze’s money-laundering scheme, Mr Aquino processed 1,680 official bank checks at TD Bank for Mr Sze and his co-conspirators, totalling more than $92 million.

Nearly all of these bank checks were funded by a corresponding cash deposit exceeding $10,000, triggering TD Bank’s legal requirement to file a currency transaction report (CTR).

Although Mr Aquino knew that Mr Sze was conducting these cash deposits, he never identified David as the “conductor” on the CTR. Mr Aquino also knew that TD Bank had closed other accounts linked to Mr Sze for suspicious activity. One colleague even warned Aquino that Mr Sze’s activity “looks like money laundering”.

In February 2021, Mr Aquino facilitated three of Mr Sze’s money laundering transactions, totalling almost $2 million in cash, in a third party’s account. He failed to report Mr Sze as the conductor of the transactions, thus concealing Mr Sze’s role in the money laundering scheme.

Mr Aquino accepted numerous retail gift cards from Mr Sze, totalling over $11,000, in return for his facilitation of this scheme, including the three transactions in February 2021.

In January 2026, Mr Aquino pleaded guilty to conspiring to launder monetary instruments.

According to court documents, from January 2021 through May 2021, Edward Low, aka ‘a Mang Wah Low’ and ‘Eddie Low’, 31, of Flushing, New York, accepted bribes and leveraged his position as a TD Bank, N.A. retail employee to fraudulently obtain confidential customer information that he passed to outside co-conspirators, who used it to take over accounts and steal money from customers.

Mr Low also processed some of their illicit transactions. In total, Mr Low received at least $26,700 in bribes and facilitated $484,572.16 in fraud at TD Bank.

Then, from May 2022 through August 2022, while employed at another financial institution, Mr Low accepted a bribe to falsify bank records to open an account in the name of a shell company. Mr Low’s co-conspirators then used that account to commit at least $47,195 of fraud.

In February 2026, Mr Low pleaded guilty to conspiring to commit wire fraud affecting a financial institution and making false bank entries or reports as a bank employee.