EXCLUSIVE: Breaking Down the TD Bank $3 Billion Fine

There have been show-stopping arrests this week that media headlines are not talking enough about! TD Bank money laundering fines, FBI’s fake cryptocurrency sting operation, and US Air Force contractors stealing $12m from the DoD, it's been a heck of a good week for the Department of Justice. Join ex-CIA officer Andrew Bustamante and ex-FBI officer Jim DiOrio as they break down what you need to know.

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00:00 - TD Bank's $3 Billion Fine
01:32 - Understanding Cash Transaction Reports
02:49 - Suspicious Activity Reports Explained
03:43 - TD Bank's Guilty Plea
05:16 - Impact of TD Bank's Policies
10:27 - FBI's Operation Token Mirrors
15:13 - Cryptocurrency Misconceptions
18:21 - Air Force Fraud Case Overview
20:50 - Corruption in Government Contracting
25:20 - Understanding Fraud and Its Impact
28:13 - Fraud's Effect on Society
31:13 - Closing Thoughts and Future Conversations

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[Baasicstuff]

This is really easy to fix. Just make white collar crime, a jailable offense and stop with the fines. Problem solved. The fact that they fine these people tells me that the federal government is in on this and it’s simply a calculation of which one is more profitable the fine or doing things right.

[hansm.picazo]

If they're fined 3 billion, they made a lot more than 3

[livinlicious]

If the punishment for a crime is a money fine, it's a not a punishment, it's a fee.
If I can make 100b and pay a 3b fine, that's effectively 3% transaction fee... Like paying with Visa. Same same.

[leonardmccannon]

TD directors deserve jail time. Don't think for a moment they didn't accept this practice. I would definitely wager they are doing this inside Canada as well.
And don't think the FBI wasn't tracking this for a long time. They have a long history of watching this sort of crime for years and then show up to fine companies for massive dollars - but NO JAIL TIME!
Same as the HSBC drug cartel laundering scandal in the states a number of years back.

[AadhilaEesha]

The distress for banks is a farce, what we have experienced past 2 years is a result of a system that has worked incredibly well. Fed just had to tighten credit to cool economy.

[evilmac]

Man, if only we had an army of accountants somewhere. You know, that knew all the laws and tax codes. Oh right we have that but they are busy making sure waitresses claim their 5 dollar

[simpsond]

They say 7 trillion dollars were placed into the economy in the US during COVID, only about 25% was used. The rest of the money went into the pocket of the 1%. The dame happen in the UK but the numbers were smaller like 70 billion.

[AppEal-yy]

HSBC WAS FINED LIKE THIS A FEW YEARS AGO JUST LIKE TD IS RIGHT NOW

[TMC.Studios]

As a former broker... the know your client rule - was designed to be broken. Fake LLCs - Jersey/PA ATM cash withdraw trends are up significantly. Insane ML going on right now

[leewolfe]

Great discussion. I've worked as a private investigator for 20 plus years. A large portion of my work is insurance defense and insurance fraud investigations. I never knew how bad the fraud game was until I started doing this line of work. Its amazing what people will try to pull off. Doctors, Employers, Employees, Plaintiffs and Defendants from all segments and classes...all of them think they are pulling a fast one. Sadly, I've known way to many fellow PIs who also commit fraud by ghosting hours expenses with their clients.

[danrosario]

Good old TD Bank lol. They got fined $3 billion for washing over $1 trillion that they lent out 20 times over. $3 billion sounds like a rounding error at that point 🤣.

[jamesyin]

I was a customer of TD Bank since 1996 when it was Commerce. I just closed my account since moving to the west coast. One time I withdrew some cash they gave me a fake $100.

[joemurray]

Retired Canadian AF member - we have the exact same problem with contracting as well.

[Saltatory_]

Andrew seems to be always making the argument that, because there are bad guys out there, that the government should prevent bad behavior by taking much more control.

[badboysfpv]

i will never understand why the banks are doing the work of the government thats not there job

[pawnzrtasty]

Love how they get a fine while any of us would be in federal prison.

[The-Real-Bader-Blade]

As a Canadian... You have no Idea how absolutely bad the systems in Canada are.

[AdamWeatherall]

I reported this “bank” over a year ago, so happy this investigation went through.

[Phoenix-vgli]

There’s nothing more corrosive than corruption.

[nightowl]

fantastic topic and discussion, really appreciate the time you both put into this. Definitely something that should be reported on in the media more.