Florida Bank Employee Pleads Guilty to $4.8 Million Money Laundering Scheme

Gerardo Aquino, a 40-year-old former bank employee from Hollywood, Florida, has pleaded guilty to charges related to a money laundering scheme that funneled approximately $4.8 million to Colombia. The U.S. Department of Justice announced that Aquino conspired to launder monetary instruments and accepted bribes while working at TD Bank.

From April 2022 to November 2023, Aquino opened 86 fraudulent accounts using a Miami commercial address, issuing hundreds of debit cards while also unblocking accounts previously restricted for suspected fraud. The scheme reportedly moved over $3 million to Colombia, with Aquino receiving more than $8,000 in cash and digital payments.

Assistant Attorney General A. Tysen Duva emphasized the seriousness of the crime, stating, “Gerardo Aquino abused his position of trust at TD Bank and enriched himself in the process.” He noted that bank insiders who facilitate money laundering play a critical role in criminal organizations and will be prosecuted.

Aquino faces a maximum sentence of 20 years for money laundering and up to 30 years for bribery, with sentencing set for March 23, 2027. The investigation involved multiple agencies, including the Drug Enforcement Administration and the IRS Criminal Investigation.