Former TD Bank Employee Guilty Of $3.4M In Fraud, State Says

MOUNT LAUREL, NJ — A former employee of TD Bank pleaded guilty on May 27 to orchestrating $3.4 million in fraud, the United States Attorney's Office for the District of New Jersey said.

Cheungkin Lam, 28, also known as "Kelvin Lam," was charged with one count of conspiracy to commit wire fraud affecting a financial institution and one count of making false bank entries or reports.

"Lam abused his position...to help fraudsters steal money from unwitting customers and bribed another bank employee to do the same," said Assistant Attorney General A. Tysen Duva. "Bank employees are the first line of defense against money laundering, fraud, and other financial crimes."

During the period from January 2021 through May 2021, Lam took bribes and used his job to find accounts with large balances and steal confidential customer information, officials said.

He then shared it with outside co-conspirators, who defrauded customers.

Then, from May 2022 through August 2022, Lam bribed a co-conspirator who was employed at another financial business to create fake bank records in order to open a bank account to use for fraud.

Authorities said Lam, a former New York City-based employee, took at least $155,000 in bribes and is responsible for $3,433,989.07 in fraud.

"Cheungkin Lam's conduct represents a grave breach of the trust placed in financial professionals," added Special Agent in Charge Jenifer L. Piovesan.

Both charges carry a maximum sentence of up to 30 years in jail and a fine of $1 million, or twice the amount involved or lost by a victim, whichever is greater.

TD Bank is headquartered in Mount Laurel.

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