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What did the former TD Bank employee plead guilty to?
Aquino pleaded guilty before U.S. District Judge Esther Salas in Newark to two counts: conspiracy to launder monetary instruments and receipt of bribes by a bank employee. The case is being prosecuted in the District of New Jersey, although the Justice Department identifies Aquino as a Hollywood, Florida, resident who worked at a TD Bank branch there.
The DOJ’s announcement identifies him as Gerardo Aquino. The criminal information names him as Gerardo Fermin Aquino Vargas, also known as “Gerry,” and says he most recently worked as a Retail Banker. The information says TD Bank terminated his employment around November 2023.
How prosecutors say the money was moved
According to the Justice Department, the conduct took place from April 2022 through November 2023. Aquino opened fraudulent accounts, issued hundreds of debit cards to co-conspirators, and unblocked cards that TD Bank had restricted for potential fraud. Prosecutors say the accounts and cards were used to funnel approximately $4.8 million out of the United States to Colombia.
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The DOJ says 86 individual customer accounts used the same commercial address in Miami. Those accounts alone were used to launder more than $3 million to Colombia. Prosecutors also say Aquino received more than $8,000 in bribes, paid in cash and through a peer-to-peer digital payment network.
These amounts and account details are allegations and facts reported by the DOJ from filed court documents and statements in court; they describe this case, not a measure of wider banking-sector risk. The information available does not establish that every alleged co-conspirator has been identified or charged.
When will Gerardo Aquino be sentenced?
Sentencing is scheduled for March 23, 2027. The DOJ lists statutory maximum prison terms of 20 years for the money-laundering conspiracy count and 30 years for the bank-employee bribery count. Those are legal ceilings, not the sentence imposed, a prediction of the outcome, or a statement that the terms would be served consecutively. The court will determine the sentence later.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the case does—and does not—say about TD Bank
This case concerns Aquino’s guilty plea and alleged conduct as a bank employee. It does not mean TD Bank itself pleaded guilty in this case. DOJ officials described the case as part of efforts to address misconduct by bank insiders, but the quoted remarks are government statements about this prosecution, not independent findings about how common such conduct is across banks.
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