Former TD Bank Employee Pleaded Guilty in Laundering Scheme
Gerardo Aquino admitted to taking bribes and laundering millions through fraudulent accounts.
Updated on Oct. 6, 2026 in Financial Crime
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Gerardo Aquino, a former TD Bank employee, has pleaded guilty to charges involving bribery and a multi-million dollar money laundering conspiracy. Aquino used his position to facilitate the illicit movement of funds to Colombia.
Why it matters
The case highlights the vulnerability of financial institutions to insider exploitation and the severe criminal penalties for bank employees who compromise security protocols for personal gain.
Aquino pleaded guilty to money laundering conspiracy, which carries a 20-year maximum sentence, and receipt of bribes, which carries a 30-year maximum sentence. Sentencing is currently scheduled for March 23, 2027.
The players
Gerardo Aquino
He is a former TD Bank employee who admitted to operating a money laundering scheme.
TD Bank
It is a multinational financial institution that employed Aquino during the period of the fraud.
The details
Aquino exploited his role at TD Bank by opening 86 individual accounts using a shared Miami commercial address, through which he laundered over $3 million. He further facilitated the scheme by issuing hundreds of debit cards to co-conspirators and manually unblocking cards that the bank had flagged for potential fraud.
Timeline
From April 2022 to November 2023, Aquino facilitated money laundering and opened fraudulent accounts.
On October 6, 2026, Aquino entered his guilty plea.
Aquino's sentencing is scheduled for March 23, 2027.
Legal Context
This case reflects the ongoing federal focus on combating institutional money laundering, a persistent challenge in the U.S. financial sector. It follows a pattern of heightened scrutiny regarding the enforcement of Bank Secrecy Act anti-money laundering provisions in the wake of illicit fund transfers.
Residents in the Newark area should remain aware of how financial institutions manage internal security risks. This case serves as a reminder that bank account monitoring protocols can be compromised, potentially affecting the integrity of institutional security.
The takeaway
Maintaining vigilance regarding individual bank account security is essential, as internal threats can bypass standard fraud safeguards. Customers are encouraged to regularly monitor their own statements for unauthorized activity.
What happens next
Aquino is scheduled to be sentenced on March 23, 2027.
Further reading
For more information on current enforcement actions, visit the Financial Crime section.
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Do you trust that major financial institutions have adequate safeguards to prevent employee-led money laundering?
