Florida Man Pleads Guilty to Bank Fraud Scheme

Gerardo Aquino, a 40-year-old resident of Hollywood, Florida, has pleaded guilty to charges related to a significant bank fraud scheme. Aquino, a former employee of TD Bank, admitted to accepting bribes and laundering more than $4. 8 million to Colombia, according to the U.

S. Attorney's Office.

Aquino's fraudulent activities spanned from April 2022 to November 2023. During this period, he opened fraudulent bank accounts and issued hundreds of debit cards to co-conspirators. He also unblocked debit cards that TD Bank had restricted due to potential fraud.

These accounts and debit cards were used to funnel approximately $4. 8 million out of the United States, prosecutors allege.

Aquino opened 86 individual customer accounts using the same commercial address in Miami. These accounts alone were used to launder over $3 million in illicit funds to Colombia. In exchange for his actions, Aquino received more than $8,000 in bribes, paid in cash and through a peer-to-peer digital payment network.

Aquino pleaded guilty to a two-count information charging him with conspiring to launder monetary instruments and receipt of bribes by a bank employee. The charge of money laundering conspiracy carries a maximum penalty of 20 years in prison, while the charge of receipt of bribes by a bank employee carries a maximum penalty of 30 years in prison. Aquino's sentencing is scheduled for March 23, 2027.

The case is being investigated by the Drug Enforcement Administration (DEA), IRS Criminal Investigation (IRS-CI), and the Federal Deposit Insurance Corporation Office of Inspector General (FDIC-OIG). The Justice Department expressed its commitment to holding financial institutions and their employees accountable when they break the law and undermine the integrity of the financial system.

Assistant Attorney General A. Tysen Duva of the Justice Department’s Criminal Division stated, "Gerardo Aquino abused his position of trust at TD Bank and enriched himself in the process. Bank insiders who facilitate money laundering and illegal activity for criminal organizations play a critical role for that organization and abuse our financial system. When that happens, these insiders will be investigated and prosecuted."

U. S. Attorney Robert Frazer for the District of New Jersey emphasized the importance of maintaining the integrity of the U.

S. financial system, stating that Aquino's actions provided a "soft entry point into our banking system for malevolent actors."

The case is being prosecuted by Trial Attorneys D. Zachary Adams and Chelsea Rooney of the Criminal Division’s Money Laundering, Narcotics and Forfeiture (MNF) Section and Assistant U. S.

Attorney Marko Pesce for the District of New Jersey. The MNF's mission includes taking the profit out of crime, eliminating drug cartels, and protecting the U. S.

financial system.