An employee at a US banking giant has been caught orchestrating a $500,000 fraud scheme, according to the U.S. Department of Justice.
The DOJ says 31-year-old Edward Low of New York has admitted to using his position at TD Bank to steal confidential customer data and pass it to co-conspirators, who used it to take over and drain accounts.
Authorities say that between January 2021 and May 2021, Lew accepted bribes and actually processed some of the fraudulent transactions himself.
In addition, from May 2022 through August 2022, Low worked for a separate financial institution and accepted bribes to falsify bank records for his co-conspirators.
Says Senior Counsel Philip Lamparello,
“This defendant chose to sell his access to the banking system from the inside.
By accepting bribes at two separate financial institutions, he betrayed the trust placed in him and enabled 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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