A former TD Bank assistant branch manager in New York has pleaded guilty to helping a large-scale money laundering network move hundreds of millions of dollars through bank accounts, federal officials announced.
Wilfredo Aquino, 47, admitted to conspiring to launder monetary instruments, according to the U.S. Department of Justice. Aquino is scheduled to be sentenced on May 12 and faces a maximum penalty of 20 years in prison and a fine of up to $500,000 or twice the amount involved in the offense.
Prosecutors said Aquino leveraged his position inside TD Bank between 2019 and February 2021 to assist a network led by Da Ying Sze, also known as “David,” in moving illicit cash through TD Bank branches in New York, New Jersey, and other locations. Court records state that the network deposited roughly $474 million during that period, with Aquino’s Midtown Manhattan branch handling the largest volume of transactions.
Assistant Attorney General A. Tysen Duva said Aquino “leveraged his position at TD Bank and facilitated the criminal activity of a money laundering network,” adding that he also evaded reporting requirements to conceal the network leader’s identity.
Authorities said Aquino processed about 1,680 official bank checks totaling more than $92 million for the network. Many of those transactions involved cash deposits exceeding $10,000, which legally require the filing of currency transaction reports. Despite knowing the deposits were tied to David, Aquino allegedly failed to identify him as the conductor of the transactions and ignored internal warnings that the activity resembled money laundering. He also continued to process transactions even after learning that other accounts linked to David had been closed for suspicious activity.
Aquino additionally accepted retail gift cards worth more than $11,000 from David in exchange for his assistance, prosecutors said.
Senior Counsel Philip Lamparello of the U.S. Attorney’s Office for the District of New Jersey emphasized that bank employees are a critical first line of defense against financial crime. “When bank employees ignore their obligations and instead use their positions to commit crimes and line their own pockets, we will not hesitate to hold them accountable,” he said.
David previously pleaded guilty in February 2022 to coordinating a $653 million money laundering conspiracy, operating an unlicensed money-transmitting business, and bribing bank employees.
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