TD entered into a deferred prosecution agreement with the U.S. Department of Justice, which alleges the bank placed hundreds of dummy orders to buy and sell U.S. Treasuries in an effort to manipulate the market under the leadership of former trader Jeyakumar Nadarajah. TD will pay US$15.5 million in penalties through the agreement, in addition to penalties from the Financial Industry Regulatory Authority and the U.S. Securities and Exchange Commission for related offences. (The Logic)
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TD entered into a deferred prosecution agreement with the U.S. Department of Justice, which alleges the bank placed hundreds of dummy orders to buy and sell U.S. Treasuries in an effort to manipulate the market under the leadership of former trader Jeyakumar Nadarajah. TD will pay US$15.5 million in penalties through the agreement, in addition to penalties from the Financial Industry Regulatory Authority and the U.S. Securities and Exchange Commission for related offences. (The Logic)
Talking point: TD’s U.S. regulatory woes keep piling up. On Saturday, The Wall Street Journal reported TD is nearing a possible guilty plea to criminal anti-money-laundering charges, including allegations that bank employees took cash deposits from a fentanyl ring. In September, CEO Bharat Masrani announced he will retire in April, saying he takes “full responsibility” for the scandal. TD has set aside a total of about US$3 billion to cover possible U.S. anti-money-laundering penalties.
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