Summary
A former TD Bank employee, Leonardo Ayala, has been sentenced to 24 months in federal prison after admitting his role in a money laundering and bribery scheme. According to U.S. authorities, Ayala helped move more than $5.5 million from the United States to Colombia by opening fraudulent bank accounts, issuing debit cards, and bypassing internal banking controls.
How the TD Bank Money Laundering Scheme Operated
Federal authorities announced that Leonardo Ayala, a former retail banker at TD Bank, N.A., has been sentenced to prison for accepting bribes and helping launder millions of dollars linked to narcotics proceeds.
The sentence was imposed by Judge Esther Salas in federal court in Newark, New Jersey. Ayala had previously pleaded guilty to charges involving conspiracy to launder monetary instruments and receiving bribes as a bank employee.
According to court documents, the scheme operated between June and November 2023. During this period, Ayala allegedly used his position inside TD Bank to help co-conspirators move money through the banking system.
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Investigators said Ayala opened fraudulent bank accounts and issued more than 150 debit cards connected to shell companies. Shell companies are entities that can be used to hide the true source or ownership of money.
Authorities also stated that Ayala helped unblock debit cards that had been restricted by TD Bank because of suspicious activity. By removing these restrictions, the cards remained active and continued to be used.
The accounts and debit cards were later used to conduct more than 12,000 ATM withdrawals in Colombia. Federal prosecutors said these withdrawals moved approximately $5.5 million out of the United States.
In return for his assistance, Ayala received more than $6,000 in bribes from individuals involved in the scheme.
Key activities identified by investigators included:
- Opening fraudulent bank accounts.
- Issuing more than 150 debit cards.
- Supporting shell company transactions.
- Removing restrictions from suspicious debit cards.
- Facilitating more than 12,000 ATM withdrawals.
- Helping move approximately $5.5 million to ColombiaGovernment contractor and executives to pay $21.3m to resolve fraud scheme involving service-disabled veteran-owned small business contracts — DOJ
Federal Investigation and Criminal Charges
The investigation involved several federal agencies. Authorities said the case demonstrated how insider access at a financial institution can be exploited to support large-scale money laundering operations.
The announcement was made by U.S. Attorney Robert Frazer for the District of New Jersey, Assistant Attorney General A. Tysen Duva of the Justice Department’s Criminal Division, Special Agent in Charge Jenifer L. Piovesan of IRS Criminal Investigation’s Newark Field Office, and Special Agent in Charge Patricia Tarasca of the Federal Deposit Insurance Corporation Office of Inspector General’s New York Region.
Officials also acknowledged assistance from the Morristown Police Department during the investigation.
The prosecution is being handled by Assistant U.S. Attorney Marko Pesce, Deputy Chief of the Criminal Division for the District of New Jersey, along with Trial Attorneys D. Zachary Adams and Chelsea Rooney of the Bank Integrity Unit.
Federal authorities stated that money laundering threatens the integrity of the financial system because it allows criminal organizations to move and conceal illegal proceeds. Investigators said financial institutions remain a target for criminal groups seeking insiders who can bypass security controls and compliance procedures.
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The Department of Justice noted that its Money Laundering, Narcotics and Forfeiture Section focuses on prosecuting financial facilitators, international money launderers, and individuals whose actions threaten financial institutions.
The case against Leonardo Ayala resulted in a 24-month prison sentence after authorities determined that his actions helped facilitate the transfer of more than $5.5 million through fraudulent accounts and thousands of withdrawals conducted in Colombia.