An employee at a major U.S. bank has admitted to orchestrating a $500,000 fraud scheme, the U.S. Department of Justice announced.
Edward Low, 31, of New York, used his position at TD Bank to steal confidential customer information and supply it to co-conspirators who then drained affected accounts. Authorities report that between January 2021 and May 2021, Low accepted bribes and processed fraudulent transactions. He later worked for another financial institution from May 2022 to August 2022, accepting bribes to falsify bank records for his accomplices.
Senior Counsel Philip Lamparello stated, "This defendant chose to sell his access to the banking system from the inside." Low has pleaded guilty to conspiracy to commit wire fraud and making false bank entries. He faces up to 30 years in prison and is scheduled for sentencing in July.