New York Paralegal Blog

The recent news that TD Bank pleaded guilty to serious violations of the Bank Secrecy Act (BSA) and conspiracy to commit money laundering sent ripples across the financial world. With penalties totaling over $1.8 billion to the Department of Justice alone – part of a larger $3.09 billion resolution – this case stands as a stark reminder of the critical importance of robust compliance programs. What Went Wrong? A Failure of Vigilance At the heart of TD Bank's troubles was a "pervasive and systemic failure" in its Anti-Money Laundering (AML) program. Shockingly, between 2018 and 2024, an estimated $18.3 trillion in transactions were not properly monitored by their automated systems. This enormous blind spot allowed sophisticated money laundering networks, sometimes aided by bank employees, to funnel over $670 million in illicit funds through TD Bank accounts. The issues weren't just oversights; the bank intentionally excluded certain transaction types, like ...

Manhattan District Attorney Cyrus R. Vance, Jr., today announced the sentencing of JOEL LUCIANO, 30, a ringleader of a well-organized check fraud ring responsible for stealing at least $450,000 from more than 90 accounts at TD Bank. He was sentenced to 3-to-9 years in state prison. On August 28, 2012, LUCIANO pleaded guilty to the top charge of the indictment, Grand Larceny in the Second Degree.

A man entered the bank, located at 949 Horseblock Road, at approximately 5:50 p.m. and handed a teller a note containing a threat and demanding cash. The teller gave the man cash from the drawer and the man fled of foot across Horseblock Road. He and was last seen running through a shopping plaza parking lot located across the street from the bank on North Ocean Avenue. The man was wearing a tan short-sleeve polo shirt, a classic blue Yankee hat with a white logo, he was as 6 feet tall and in his late 30s or early 40s. Detectives are asking anyone with information on this case to call the Major Case Unit at 631-852-6295 or anonymously to Crime Stoppers at 1-800-220-TIPS. All calls will be kept confidential.

Attorney General Andrew M. Cuomo today announced a settlement with TD Ameritrade, Inc. (“TD Ameritrade”), under which the company has agreed to return $456 million to investors across New York State and the nation holding illiquid auction-rate securities. Attorney General Cuomo also announced imminent legal action against Charles Schwab & Co. (“Schwab”) for deceptively selling auction-rate securities as safe, liquid, short-term investments that were similar to money market instruments. These are Attorney General Cuomo’s latest steps in his ongoing effort to restore liquidity to investors caught in the collapse of the auction-rate securities market. “I commend TD Ameritrade for working with regulators to restore investor confidence, and for joining what has become the single largest consumer recovery in history,”said Attorney General Cuomo. “But given a record replete with misrepresentations, it is disturbing that Charles Schwab, who had been holding itself out as an industry expert...