Cheungkin Lam, 28, also known as “Kelvin Lam,” pleaded guilty Wednesday in Newark federal court to conspiracy to commit wire fraud affecting a financial institution and to making false bank entries.
According to federal prosecutors, Lam executed two schemes.
During the first phase, which ran from January through May 2021, he exploited his access as a TD Bank employee to target customers with substantial account balances.
He stole confidential customer information and passed it to accomplices who used the information to commit fraud.
The second scheme operated from May through August 2022. During this period, Lam paid off an employee at an unnamed financial institution to create fraudulent bank records.