Former TD Bank Manager Admits Role in $474 Million Money Laundering Scheme

Wilfredo Aquinon, formerly an assistant store manager at TD Bank, has admitted to his involvement in a large-scale financial conspiracy that enabled a criminal organization to funnel approximately $474 million through a major U.S. banking institution. Aquinon pleaded guilty to charges stemming from both his failure to uphold professional banking standards and his direct participation in concealing the criminal origins of the funds. Under the terms of his plea, he now faces a potential sentence of up to 20 years in federal prison, along with a fine of $500,000 or twice the total value of the laundered money. Federal investigators uncovered a sustained pattern of deliberate negligence and bribery that compromised the integrity of banking operations across New York and New Jersey, exposing how internal controls can collapse when trusted employees choose to bypass them.

Court filings show that between 2019 and 2021, Aquinon exploited his managerial authority to sidestep mandatory reporting obligations intended to detect and deter suspicious financial activity. The laundering operation was directed by Da Ying Sze, who oversaw a network that handled enormous volumes of cash derived from unidentified criminal sources. In exchange for retail gift cards used as bribes, Aquinon ensured that the true identities of those moving the money were kept hidden from regulators and law enforcement. This misconduct allowed hundreds of millions of dollars to be absorbed into the legitimate financial system without the scrutiny required under the Bank Secrecy Act. Prosecutors stressed that Aquinon’s conduct went far beyond negligence, noting that he actively processed more than 1,600 bank checks on behalf of the criminal organization.

The mechanics of the scheme relied heavily on repeated cash deposits that frequently exceeded the $10,000 reporting threshold established under federal law. Transactions involving more than $10,000 in cash require the filing of Currency Transaction Reports, which are essential tools for tracking large cash movements and identifying the individuals behind them. Aquinon intentionally failed to list Da Ying Sze as the conductor of these transactions, effectively obscuring the person who controlled the funds from both the bank and the government. Even after coworkers raised concerns that the activity mirrored well-known money laundering patterns, he continued to process the deposits and checks. This internal collusion enabled the criminal network to rely on the bank as a central channel for its illicit proceeds over an extended period.

The case underscores the difficulty financial institutions face in detecting internal corruption. As an assistant store manager, Aquinon held a position of trust that allowed him to influence or override the handling of large cash deposits. Recognizing this vulnerability, the criminal network targeted him with incentives, ultimately providing more than $11,000 in gift cards to secure his cooperation. With Aquinon acting as a willing gatekeeper, the group was able to operate with confidence that warning signs and internal alerts would be ignored. The circumstances demonstrate how a single compromised employee can render extensive investments in compliance technology and training ineffective.

The consequences of such misconduct extend far beyond individual accountability. The facilitation of $474 million in illicit transactions by a bank employee erodes public confidence in the broader financial system. The Department of Justice has emphasized that bank personnel serve as the first line of defense against financial crime, and when that responsibility is betrayed, the risks can reverberate throughout the global economy. Legal documents reveal that Aquinon continued processing transactions even after TD Bank had closed other accounts associated with the same criminal actors, underscoring the level of intent involved. His persistence, despite clear indicators of risk, highlighted a deliberate effort to undermine regulatory safeguards designed to protect the financial system.

Federal authorities credited the successful prosecution to a coordinated investigation led by the Internal Revenue Service Criminal Investigation Division and the Federal Deposit Insurance Corporation Office of Inspector General. Investigators focused on the paper trail created by 1,680 official bank checks issued through the Manhattan branch where Aquinon worked. By matching large cash deposits with the issuance of these checks, authorities were able to directly connect Aquinon to the concealment of Da Ying Sze’s role in the operation. The evidence showed that nearly every check was funded by cash deposits that were structured or managed in a way that avoided proper identification of their source, supporting the conclusion that Aquinon knowingly facilitated the laundering scheme.

Regulators and prosecutors view cases like this as cautionary examples for financial professionals who might consider similar conduct. The Department of Justice’s Bank Integrity Unit specifically targets officers and managers whose actions threaten the stability of the financial system. Da Ying Sze’s prior guilty plea in a broader $653 million laundering conspiracy provided critical context for the charges brought against Aquinon. Authorities made clear that failing to report suspicious activity is not treated as a mere compliance lapse when it is accompanied by intent, concealment, and bribery. Aquinon’s sentencing, scheduled for May 12, will determine the final legal consequences of his actions.

The broader implications of the case are likely to influence how large retail banks assess and strengthen their internal controls. Institutions are expected to reexamine how a single branch manager was able to process such a vast volume of questionable transactions without immediate intervention from centralized compliance teams. The use of gift cards as bribes also points to the need for closer monitoring of employee incentives and lifestyle changes that may indicate corruption. Compliance programs may increasingly emphasize stronger whistleblower protections, enabling staff to report suspicious conduct by supervisors without fear of retaliation. As laundering methods continue to evolve, the case serves as a reminder that human behavior remains a critical vulnerability requiring constant oversight.

Globally, financial institutions and regulators are closely watching the outcome of the Aquinon case as they refine their own risk management frameworks. The movement of nearly half a billion dollars through a single bank location highlights the need to reassess geographic and operational risk, particularly in high-volume urban centers. The investigation also demonstrates the value of interagency cooperation and data sharing across jurisdictions. For the banking industry, the case stands as a stark illustration of why anti-money laundering rules must be enforced consistently at every level of an organization. Ultimately, the integrity of the financial system depends on the honesty and accountability of those entrusted with its day-to-day operation.

By fLEXI tEAM