TD Bank Employee Charged in Laundering Scheme

Leonardo Ayala, a former employee of TD Bank in Doral, Florida, has been arrested and charged with conspiracy to commit money laundering as part of a scheme that allegedly funneled millions of dollars in drug proceeds to Colombia. Ayala is accused of issuing dozens of debit cards for accounts opened in the names of shell companies, facilitating cash withdrawals at Colombian ATMs. This arrest is the latest in a series of charges against TD Bank employees, following the bank's $3.1 billion settlement for compliance failures in detecting money laundering by drug cartels. Ayala's case has been transferred to New Jersey, where the investigations are based, and he faces up to 20 years in prison if convicted. The Justice Department has identified several TD employees as participants in these laundering schemes, prompting calls for greater accountability within the bank. Ayala's arrest underscores ongoing scrutiny and enforcement actions against TD Bank's American retail operations.