The U.S. Department of Justice announced that former TD Bank N.A. employee Cheungkin Lam, also known as Kelvin Lam, pleaded guilty to conspiring to commit wire fraud affecting a financial institution and making false bank entries or reports. The case centers on Lam’s misuse of insider access at TD Bank and his bribery of an employee at another financial institution, which prosecutors said facilitated more than USD 3.4 million in fraud losses. From January 2021 through May 2021, Lam accepted bribes, identified TD Bank customer accounts with large balances, stole confidential customer information, and passed it to outside co-conspirators who used it to defraud those accounts. From May 2022 through August 2022, he separately bribed a co-conspirator employed at another financial institution to falsify bank records when opening an account used in other fraud schemes. Lam received at least USD 155,000 in bribes and facilitated USD 3,433,989.07 in fraud losses. Lam is scheduled to be sentenced on Oct. 15 and faces a maximum penalty of 30 years in prison. The sentence will be determined by a federal district court judge after considering the U.S. Sentencing Guidelines and other statutory factors.
U.S. Department of Justice2026-05-28
U.S. Department of Justice secures guilty plea from former TD Bank employee in USD 3.4 million fraud and bribery scheme
The U.S. Department of Justice announced that former TD Bank N.A. employee Cheungkin “Kelvin” Lam pleaded guilty to conspiring to commit wire fraud affecting a financial institution and making false bank entries or reports. Prosecutors said Lam misused insider access at TD Bank and bribed an employee at another financial institution to steal confidential customer information and falsify records, facilitating USD 3,433,989.07 in fraud losses and receiving at least USD 155,000 in bribes.