An employee of a US banking giant has been caught orchestrating a $500,000 fraud scheme, according to the US Department of Justice.
The Justice Department says 31-year-old Edward Low of New York admitted to using his position at TD Bank to steal confidential customer data and pass it on to accomplices, who used it to seize and empty accounts.
Authorities say that between January 2021 and May 2021, Lew accepted bribes and, in fact, processed some of the fraudulent transactions himself.
Additionally, from May 2022 to August 2022, Low worked for an independent financial institution and accepted bribes to falsify bank records for his co-conspirators.
Says lead attorney Philip Lamparello:
“This defendant chose to sell his access to the banking system from within.
By accepting bribes at two separate financial institutions, he betrayed the trust placed in him and allowed outside fraudsters to exploit customer accounts and falsify bank records for personal gain.”
Low has pleaded guilty to conspiracy to commit wire fraud and making false bank entries and is scheduled to be sentenced in July. He faces up to 30 years in prison.
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