Ex-employee helped move millions of dollars from U.S. to Colombia
A former TD Bank employee has been accused of helping illegally move millions of dollars from the U.S. to Colombia.
Gerry Aquino Vargas, the now-former retail banker in Hollywood, allegedly falsified Florida documents to open dozens of accounts and provide concierge-like services to help cash flow across borders.
Vargas is said to have taken a series of US$200 bribes to help clients move millions to Colombia by skirting anti-money-laundering defenses, according to a Reuters report, citing U.S. prosecutors.
"When we became aware of these matters, we took action against these employees, coordinated efforts with the DOJ, and have supported their work to bring these criminals to justice," the bank said in an emailed statement to Reuters.
"More broadly, where our program was ineffective, we have held those leaders accountable and are taking action to drive the changes and meet our obligations," a spokesperson for the bank added in an additional comment.
Previously, a former executive of Facebook and Nike on their diversity, equity, and inclusion (DEI) teams was sentenced to over five years and of jail time for defrauding her employers of more than $5 million.
TD involved in drug money laundering case
TD Bank is also facing a U.S. Department of Justice investigation over its alleged ties to a $653-million drug money-laundering case in New York and New Jersey, according to Reuters. The investigation is related to illegal drug sales and an employee accused of taking a bribe to facilitate the laundering of drug money.
Last year, the bank disclosed it was cooperating with authorities in an investigation into its anti-money laundering compliance program by the U.S. Department of Justice, according to the report.
Saskatchewan lost thousands of dollars to a number of employee fraud and theft incidents that were reported over the past two months. The Saskatchewan Health Authority (SHA), SaskPower and Integrated Justice Services all fell victims to workers’ fraudulent activities, reported CTV News, citing provincial government data.
Here’s what employers should do if they suspect an employee of fraud.
