More On

Organized crime ring steals $450,000 from Canadian bank

A loophole in TD Bank’s depositing policy allowed cash to be withdrawn before checks cleared

Between August 2009 and May 2011, 94 people took advantage of a loophole in the check depositing policy at Canada’s TD Bank to steal upwards of $450,000, say Manhattan prosecutors.

According to the Manhattan district attorney’s office, the ring defrauded the bank by depositing bad checks into savings accounts, then transferring the money to checking accounts, allowing them to withdraw cash at casinos and elsewhere before the check failed to clear and the bank realized anything was wrong.

Join the Conversation

Advertisement. Closing in 15 seconds.