10:54 AM EST, 12/11/2024 (MT Newswires) -- A former Florida-based employee of TD Bank N.A. (TD.TO) has been arrested and charged for facilitating money laundering to Colombia through the bank, according to a statement by the U.S. Dept. of Justice.

A statement noted that Leonardo Ayala, 24, worked at a TD Bank store in Doral, Florida, between February and November 2023. According to the statement, he assisted a money laundering network by issuing dozens of debit cards for the accounts in exchange for bribes. Those accounts were then allegedly used to launder millions of dollars in narcotics proceeds through cash withdrawals at ATMs in Colombia, the statement noted.

Ayala is charged with one count of conspiracy to commit money laundering. If convicted, he faces a maximum penalty of 20 years in prison.

TD Bank was last seen up $0.30, to $75.58, on the Toronto Stock Exchange.

Price: 75.65, Change: +0.37, Percent Change: +0.49