A Queens TD Bank worker who quietly turned customer data into a criminal pipeline has now confessed in federal court to helping drain more than $3.4 million from customer accounts.
Cheungkin “Kelvin” Lam, 28, pleaded guilty Wednesday in federal court in Newark after prosecutors say he abused his access at a Queens branch to steer high-value accounts to outside fraudsters. The former banker is now awaiting a sentencing hearing in October that could leave him behind bars for years.
According to the Justice Department, Lam admitted to two federal charges and to taking at least $155,000 in bribes in exchange for helping fraudsters pick off TD Bank customers. Prosecutors say his insider help contributed to $3,433,989.07 in losses, and he is scheduled to be sentenced October 15 in Newark federal court.
How Investigators Say The Scheme Worked
Lam’s role was laid out in detail in court documents, which describe a fairly low-tech but highly profitable setup. Investigators say Lam used his TD Bank credentials to run unauthorized account inquiries and asked supervisors for monthly “large balance reports,” essentially shopping for fat targets inside the bank’s own customer base…