The DOJ now confirms the illegal bribery of TD Bank officials occurred for over three years as execs deposited ‘blood money’ from disgraced activities.
Last week, two U.S. subsidiaries of Canada’s second-largest bank agreed to pay a whopping $3 billion in fines after pleading guilty to money laundering conspiracy charges, marking a significant setback for the bank.
The latest TD Bank news has shuttered trust within the public.
U.S. regulators responded by imposing an asset cap and other business restrictions, actions that emphasize the seriousness of the offenses committed.
According to the U.S. Justice Department, senior executives at the bank made light of money laundering issues and neglected to implement adequate controls to prevent criminal activities during an aggressive expansion in the U.S.
One criminal, David Sze, based in Queens, New York, was allowed to transfer over $470 million through TD Bank over three years, depositing large sums of cash into accounts opened under other people’s names.
Sze reportedly bribed bank officials while laundering proceeds from drug trafficking and other illegal activities, per DOJ reports.
The decade-long inability to detect these illicit activities raises concerns about the effectiveness of oversight by the bank’s board, as highlighted by the Globe and Mail on Wednesday.
TD CEO Bharat Masrani, who plans to retire next year, described the plea as “a sad day in our history.”
The timing is quite a coincidence.
This significant failure in the U.S. underscores what experts view as persistent shortcomings in Canada’s regulatory framework concerning money laundering.
Separately, TD Bank has also been found guilty of manipulating the market and has agreed to pay over $20 million to the SEC.
For more TD Bank News and updates like this, join the newsletter or opt-in for push notifications.
Also Read: TD Bank Execs Behind Illegal Activities May Now Face Prison Time
Will You Help Us Grow?
You can now contribute to the growth of the site on Patreon — thank you for helping power this incredible news outlet.
Back to Daily Market News.
Market News Published Daily 📰
Don’t forget to opt-in for push notifications so you don’t miss a single article!
Be sure to share this article with your community.
Also, thank you to all of our site sponsors.
This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.
Our readers can now donate $3 per month to support independent journalism.
For daily news and updates on your favorite stories, opt-in for push notifications.
Follow Frank Nez on X (Twitter), Instagram, or Facebook.
Recommended For You ✨
About The Author
Follow me on X (Twitter): https://x.com/FNez_Blogger
Leave your thoughts below.
For more news and updates like this, join the newsletter or opt-in for push notifications.