Ex-TD Bank employees sentenced in money laundering, fraud schemes

Two former TD Bank employees have been sentenced for separate schemes that facilitated money laundering and fraud through their positions at the bank and, in one case, another financial institution, federal prosecutors announced.

Wilfredo Aquino, 47, of Manhattan, was sentenced to 46 months in prison for his role in helping a money laundering network move funds through TD Bank accounts, according to court documents. As a TD Bank assistant store manager, Aquino facilitated the movement of hundreds of millions of dollars through the bank between 2019 and February 2021, prosecutors said.

During that period, the network’s leader, Da Ying Sze — known as “David” — and his co-conspirators funneled roughly $474 million through TD Bank accounts by depositing cash at branches in New York, New Jersey and elsewhere, according to court documents. David pleaded guilty in February 2022 to coordinating a $653 million money laundering conspiracy, operating an unlicensed money transmitting business and bribing bank employees in connection with financial transactions.

Aquino personally processed about 1,680 official bank checks for David’s operation, totaling more than $92 million, prosecutors said. Nearly all of those checks were backed by cash deposits exceeding $10,000 — transactions that legally required TD Bank to file currency transaction reports. Aquino never identified David as the conductor of the transactions on those reports, according to court documents, despite knowing about David’s activity and having been warned by a colleague that it “looks like money laundering.” In February 2021, Aquino facilitated three additional transactions totaling nearly $2 million in cash through a third party’s account, again failing to identify David as the conductor of the transactions and concealing his role in the scheme, prosecutors said. In exchange, Aquino accepted more than $11,000 in retail gift cards, according to court documents. He pleaded guilty in January 2026 to conspiring to launder monetary instruments.

In a separate case, Edward Low, 31, of Flushing, New York, also known as “a Mang Wah Low” and “Eddie Low,” was sentenced to 24 months in prison for a bribery and identity-theft scheme, prosecutors said. From January to May 2021, Low used his position as a TD Bank retail employee to obtain confidential customer information in exchange for bribes, passing it to co-conspirators who took over accounts and stole funds, according to court documents. Low also processed some of their illicit transactions. He received at least $26,700 in bribes and facilitated $484,572.16 in fraud at TD Bank, prosecutors said.

Later, while working at another financial institution from May to August 2022, Low accepted a bribe to falsify bank records and open an account in the name of a shell company that co-conspirators used to commit at least $47,195 in fraud, according to court documents. Low pleaded guilty in February 2026 to conspiring to commit wire fraud affecting a financial institution and making false bank entries or reports as a bank employee.

The cases were investigated by IRS Criminal Investigation’s Newark Field Office and the FDIC Office of Inspector General’s New York Region, with assistance from the Morristown Police Department, officials said.