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Toronto-Dominion Bank will pay more than US$20 million as part of a deal with U.S. prosecutors and regulators to resolve investigations over a former trader’s alleged placement of “spoof” orders to manipulate the U.S. Treasuries market.
The United States Department of Justice on Monday said in a New Jersey federal court filing that the Canadian bank entered into a three-year deferred prosecution agreement to end criminal and civil probes into “hundreds of fraudulent spoof orders amounting to tens of billions of dollars of false supply and demand” for U.S. Treasury securities.
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A spokesperson for Toronto-Dominion didn’t immediately respond to a request for comment.
The deal comes as Toronto-Dominion is facing separate allegations that it failed to catch money laundering and other financial crimes at several U.S. branches, with prosecutors having filed at least four cases in New York, New Jersey…
