Florida Resident Pleads Guilty to Laundering $4,800,000 in TD Bank Bribe Scheme
Key Summary
A former TD Bank employee, Gerardo Aquino, has pleaded guilty to laundering $4.8 million in illicit funds to Colombia through a bribery scheme. Aquino used fake accounts and debit cards to move millions of dollars, receiving over $8,000 in cash and digital payments. He faces up to 20 years in prison on the money laundering count and up to 30 years on the bribery count.
#CaseClosed Gerardo Aquino, a 40-year-old former bank employee from Hollywood, Florida, has pleaded guilty to conspiring to launder monetary instruments and receiving bribes as a bank employee.
##Background From April 2022 through November 2023, Aquino used one Miami commercial address to open 86 fake accounts and issue hundreds of debit cards while unblocking others that had been restricted for suspected fraud.
##Scheme Details The accounts moved more than $3 million to Colombia, and the overall scheme reached about $4.8 million, with Aquino receiving more than $8,000 in cash and digital payments.
##Sentencing and Investigation Aquino faces up to 20 years in prison on the money laundering count and up to 30 years on the bribery count, with sentencing scheduled for March 23rd, 2027. The Drug Enforcement Administration, IRS Criminal Investigation, and FDIC Office of Inspector General investigated the case.
##Statement from the DOJ Assistant Attorney General A. Tysen Duva of the Justice Department's Criminal Division stated, 'Gerardo Aquino abused his position of trust at TD Bank and enriched himself in the process. Bank insiders who facilitate money laundering and illegal activity for criminal organizations play a critical role for that organization and abuse our financial system. When that happens, these insiders will be investigated and prosecuted.'
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