A former TD Bank employee could spend years in prison after committing a bank fraud that resulted in the loss of large sums of money.
In his words, the US Department of Justice he says that between January 2021 and May 2021, Cheungkin Lam, also known as Kelvin Lam, took advantage of his position at the bank by accepting bribes in exchange for identifying accounts with large amounts of money and stealing customer information. The associates then used the information to defraud customers’ accounts, resulting in financial losses.
Between May 2022 and August 2022, Lam also bribed an employee of another financial institution to destroy the bank account information of his associates who used various fraudulent methods.
In total, Lam received at least $155,000 in bribes and facilitated $3,433,989.07 in fraud.
Special Agent in Charge Jenifer L. Piovesan of the IRS Criminal Investigation (IRS-CI) Newark Field Office says Lam’s behavior represents a serious breach of trust placed in financial professionals.
“By using his privileged access to customer information, Lam facilitated a massive fraud and undermined the integrity of the financial system and the safety of innocent people.” IRS-CI remains committed to working with our law enforcement partners to identify and prosecute those who abuse positions of trust for personal gain.
The 28-year-old from Queens, New York will serve up to 30 years in prison after pleading guilty to conspiracy to involve financial institutions and making false bank statements. His decision will be delivered on October 15.
Follow us X, Facebook and Telegram
Don’t Miss Out – Sign up to receive email notifications straight to your inbox
Swimming Daily Hodl Mix
 
Disclaimer: The views expressed in Daily Hodl are not financial advice. Investors should do their due diligence before making any risky investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling any assets including cryptocurrencies, nor is The Daily Hodl a financial advisor. Please note that The Daily Hodl participates in affiliate marketing.
Image Created: Midjourney
