Toronto-Dominion Bank has agreed to pay over $20 million to U.S. authorities to resolve an investigation into fraud trading by a former employee.
The deferred prosecution agreement resolves criminal and civil investigations into 'placing hundreds of fraudulent spoof orders amounting to tens of billions of dollars' in the U.S. Treasuries market.
In addition to the $12.5 million criminal penalty for civil investigations, the bank will pay about $9.5 million in criminal penalties and $4.7 million in victim compensation.
This resolution comes amid ongoing scrutiny of the bank related to money laundering allegations linked to its U.S. retail bank.
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