The Criminal Money Laundering Scams That Cost TD Bank Billions

On an overcast spring day in 2021, Da Ying “David” Sze walked out of a four-story concrete warehouse in Queens, New York, carrying several bags full of money. Sze, a father of two in his 40s and the owner of a garment company operating out of the warehouse, placed the bags in a Lexus SUV, then drove with two associates to a bank, where they made several large cash deposits. Unbeknownst to Sze, he was being watched the whole time.

Federal agents had been surveilling him for months. They suspected him of leading a gang of money launderers whose clients ...