TD Bank pleads guilty and receives $1.8 billion in penalties

[THE_DEVIL]

TD Bank has agreed to forfeit $452,432,302.00 and pay a criminal fine of $1,434,513,478.40, for a total financial penalty of $1,886,945,780.40.

 

[St. Louis Hawk]

And nobody will go to jail.

 

[DirtyJohns97]

Poor AML practices will come back and bite you in the end, always.

 

[kcnole63]

And nobody will go to jail.

Yes, they got off easy.

 

[DirtyJohns97]

Yes, they got off easy.

Tell me, who should have gone to jail?

 

[kcnole63]

Tell me, who should have gone to jail?

According to the article I read, there was at least one instance where TD employees received $57,000 in gift cards to accept millions in cash deposits they knew were from drug cartels and not declare them in required reports. So, maybe these employees?

 

[DirtyJohns97]

According to the article I read, there was at least one instance where TD employees received $57,000 in gift cards to accept millions in cash deposits they knew were from drug cartels and not declare them in required reports. So, maybe these employees?

I would like to see a link on that if you don't mind. One or a few reps accumulating $57k in gift cards would be hard to defend.

But 57k spread over a ton of reps, is not that unusual. A licensed broker can accept gifts up to $100 per year per customer

 

[joelbc1]

Is the fine inflationary? The government can have on helluva party on that settlement!

 

[kcnole63]

I would like to see a link on that if you don't mind. One or a few reps accumulating $57k in gift cards would be hard to defend.

But 57k spread over a ton of reps, is not that unusual. A licensed broker can accept gifts up to $100 per year per customer

The one I saw was on the CNN business site.

 

[Torg]

Tell me, who should have gone to jail?

Corporations are people my friend