By PAUL O’DONOGHUE, Senior Correspondent
A former TD Bank employee has pleaded guilty to helping a Chinese money laundering network move hundreds of millions of dollars through U.S. bank accounts in exchange for bribes, U.S. prosecutors said.
Wilfredo Aquino, a former New York-based assistant store manager at TD Bank, admitted on Tuesday to facilitating the scheme between 2019 and February 2021. Prosecutors said the network moved about $474 million through TD Bank accounts during that period.
“The leader of the network, Da Ying Sze, also known as David, and his co-conspirators (collectively known as David’s Network) moved approximately $474 million through TD Bank accounts by depositing cash at TD Bank stores,” the U.S. Department of Justice said.
According to the Justice Department, the Midtown Manhattan branch handled the network’s heaviest activity. Prosecutors said Aquino processed roughly 1,680 official bank checks worth more than $92 million.
Aquino, 47, pleaded guilty to one count of conspiracy to launder monetary instruments. He is scheduled to be sentenced on May 12, the Justice Department said.
The Justice Department said Aquino knew Sze was the source of the cash. However, he “never identified David” as the “conductor” on those reports. Prosecutors said this helped conceal the network’s leadership.
“While David’s Network used a number of TD Bank stores to conduct its money laundering activity, it laundered the most money through Aquino’s store,” prosecutors said. “Nobody processed more transactions for David’s Network at the Midtown Manhattan store than Aquino.”
Prosecutors also cited ignored warning signs. They said Aquino knew TD Bank had closed other accounts linked to Sze for suspicious activity. A colleague also warned him that Sze’s activity “looks like money laundering,” according to court filings.
In February 2021, Aquino helped process nearly $2 million in cash through a third party’s account, prosecutors said. He again failed to identify Sze as the conductor. The Justice Department said Aquino received retail gift cards worth more than $11,000 in return.
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