A former TD Bank employee faces up to 30 years in prison after pleading guilty to orchestrating a fraud scheme that drained millions from customer accounts.
Cheungkin Lam, also known as Kelvin Lam, admitted to accepting bribes in exchange for identifying high-balance accounts and stealing confidential customer data between January and May 2021. His co-conspirators used that information to defraud the accounts, causing significant losses.
From May to August 2022, Lam bribed an employee at another bank to falsify records for an account used in additional fraud schemes.
In total, Lam received at least $155,000 in bribes and facilitated $3,433,989.07 in fraud.
IRS Criminal Investigation Special Agent in Charge Jenifer L. Piovesan called the conduct a "grave breach of trust" that compromised the integrity of the financial system.
The 28-year-old from Queens, New York, pleaded guilty to conspiring to commit wire fraud and making false bank entries. Sentencing is set for October 15th.