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Former TD Bank employee Gerardo Aquino pleaded guilty in federal court on October 6, 2026, to conspiring to launder money and accepting bribes as a bank employee. Prosecutors say he helped move about $4.8 million from the United States to Colombia through fraudulent accounts and debit cards. His sentencing is scheduled for March 23, 2027.
What did the former TD Bank employee plead guilty to?
The U.S. Department of Justice says Aquino pleaded guilty before U.S. District Judge Esther Salas in Newark to a two-count information charging conspiracy to launder monetary instruments and receipt of bribes by a bank employee. The case is in the District of New Jersey, although Aquino lived and worked in Florida.
The DOJ announcement identifies him as Gerardo Aquino, 40, of Hollywood, Florida. The filed information gives his full name as Gerardo Fermin Aquino Vargas, also known as “Gerry,” and says he most recently worked as a Retail Banker at a TD Bank branch in Hollywood. The bank terminated his employment around November 2023, according to the information.
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According to the DOJ’s account of filed documents and statements in court, the conduct ran 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 over potential fraud. Prosecutors say the accounts and cards were used to funnel approximately $4.8 million out of the United States to Colombia.
One part of the alleged scheme involved 86 individual customer accounts using the same commercial address in Miami. Prosecutors say those accounts alone were used to launder more than $3 million to Colombia. The DOJ also says Aquino received more than $8,000 in bribes, paid in cash and through a peer-to-peer digital payment network.
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 laundering conspiracy and 30 years for receipt of bribes by a bank employee. Those are legal maximums for the respective charges, not the sentence imposed or a prediction of what the court will order.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What this guilty plea does—and does not—establish
The plea resolves Aquino’s two counts, but sentencing remains ahead. The DOJ’s public account describes the case as involving Aquino and co-conspirators; the materials cited in its announcement do not establish that every co-conspirator has been identified or charged. The announcement concerns Aquino’s conduct and does not say that TD Bank itself pleaded guilty in this case.
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