Elizabeth Warren: Executives at TD Bank Needed to Face Charges

The Justice Department resolved an anti-money laundering investigation into TD Bank last month.

The $3 billion the government got from the Canadian lender, however, was insufficient, said U.S. Senator Elizabeth Warren, a Democrat from Massachusetts. Warren claimed that the DOJ made a mistake by deciding not to bring charges against TD's top executives.

In a letter to the department, Warren said that these charging choices were the result of DOJ's ridiculous legal wrangling, which ultimately spared the bank and TD Bank executives from taking full banking accountability for their deeds. This is not a suitable result.

According to a report, Warren's critique is not unique. An independent transparency organization called Better Markets commended authorities and TD Bank prosecution for targeting but claimed that it was "wrong and dumb" that management was not being prosecuted.

In a statement released last month, the organization also said that handcuffing minnows while releasing the whales is unfair and will not stop individuals in charge of banks from making sure that the law is being followed. Illegal and even criminal activity will persist unless those people are held personally responsible.

After learning that a criminal Chinese organization had bribed TD employees and laundered hundreds of millions of dollars from illicit drug sales via the bank's New York and New Jersey branches, the DOJ launched an investigation into TD's anti-money laundering (AML) policies.

Since then, the bank claims to have improved its AML procedures. President and CEO Bharat Masrani, who is scheduled to retire in 2025, has also left as a result of the case.