A former TD Bank employee has admitted to helping a criminal network secretly move hundreds of millions of dollars through U.S. bank accounts — all while working inside a Manhattan branch.
According to the U.S. Department of Justice, Wilfredo Aquino, 47, pleaded guilty to conspiring to launder money. He’s scheduled to be sentenced on May 12 and could face up to 20 years in federal prison.
Prosecutors say Aquino worked as an assistant store manager at a TD Bank branch in Manhattan starting in 2019. That’s when he allegedly began helping a massive money-laundering operation led by Da Ying Sze, also known as “David.”
The operation moved about $474 million through TD Bank accounts across New York, New Jersey, and other states.
Aquino reportedly processed more transactions than anyone else at his branch, including around 1,680 official bank checks worth more than $92 million. Many of the deposits were over $10,000 — which normally triggers mandatory federal reporting — but prosecutors say Aquino failed to properly flag who was really behind the money.
Even after TD Bank shut down accounts tied to Sze for suspicious activity — and after a coworker warned him the deposits “looked like money laundering” — Aquino allegedly kept going. Investigators say he helped move nearly $2 million more in cash in early 2021 alone.
In return, Aquino reportedly accepted over $11,000 in retail gift cards as payment.
Sze had already pleaded guilty in 2022 to running a $653 million money-laundering scheme, operating an illegal money-transfer business, and bribing bank employees.
Bottom line: federal prosecutors say this case shows how insider access at major banks can be exploited — and how quickly “routine” transactions can turn into massive financial crimes