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TD Bank Faces $3 Billion Fine Amid Money Laundering ScandalTD Bank (NYSE: TSX:TD ), Canada's second-largest bank, has been hit hard by a $3 billion penalty following its guilty plea in a high-profile money laundering case involving drug cartels and other criminal networks. This hefty fine is a result of TD’s failure to monitor over $18.3 trillion in customer activity, leading to more than $670 million being funneled through accounts associated with money laundering schemes. As part of the settlement, TD Bank will face severe growth restrictions and the implementation of a stringent oversight program for its U.S. operations. The Whole Story The Department of Justice (DOJ) and federal financial regulators have highlighted TD Bank’s negligence in addressing anti-money laundering (AML) concerns. According to Attorney General Merrick Garland, the bank’s profit-driven mindset allowed it to turn a blind eye to the illegal activities of drug traffickers, leading to TD Bank becoming complicit in these crimes. In addition to the financial penalty, TD’s U.S. subsidiaries are restricted from growing their total assets beyond $434 billion, similar to the Federal Reserve’s sanctions on Wells Fargo in 2018. This settlement is expected to severely impact TD Bank’s business outlook. The $1.8 billion portion of the penalty to the DOJ marks one of the largest fines in U.S. banking history. Additionally, the Treasury Department's Financial Crimes Enforcement Network (FinCEN) imposed a record $1.3 billion penalty and will monitor TD Bank for four years to ensure compliance. TD’s leadership, including CEO Bharat Masrani, has taken responsibility for the bank’s failures, pledging to make the necessary changes to its AML program. While this is a major step, it might not be enough to win back the trust of stakeholders in the short term. The controversy surrounding TD Bank's role in criminal activities, including narcotics trafficking and terrorist financing, poses a significant challenge for the institution’s reputation. Technical Analysis TD Bank's stock has faced substantial pressure as the scandal unfolded. As of the latest trading session, (NYSE: TSX:TD ) has dropped over 6%, indicating a selling spree by investors wary of the bank's future prospects. The stock’s Relative Strength Index (RSI) has dipped to a weak 33, suggesting that it is entering oversold territory. This RSI level reflects a stock that could continue to decline if further negative sentiment prevails. On the daily price chart, TD Bank (NYSE: TSX:TD ) is exhibiting a classic gap-down pattern, a strong bearish reversal signal. This pattern, combined with the overwhelming negative fundamentals, indicates that the stock could face further declines in the near term. Despite this, TD Bank (NYSE: TSX:TD ) is trading above both its 100-day and 200-day moving averages (MAs), signaling that there is still some long-term technical support. If the stock can stabilize at these levels, it might be able to recover some losses once the immediate effects of the scandal subside. However, breaking below these key moving averages could signal deeper trouble ahead. What’s Next for TD Bank? TD Bank’s near-term future remains uncertain as it grapples with the fallout from its guilty plea. The penalties will not only hamper its financial performance but also restrict its growth, particularly in the highly competitive U.S. market. The negative publicity surrounding the scandal and the regulatory restrictions could erode investor confidence, leading to more volatility in the stock price. However, with TD Bank’s commitment to rectifying its AML program and the backing of a strong leadership team, the bank may be able to weather the storm. Long-term investors will be closely watching how the bank implements its corrective actions and manages regulatory oversight in the coming years. In the short term, TSX:TD is in for a bumpy ride. With the technical indicators pointing towards more downside risk, traders should keep an eye on the 100-day and 200-day moving averages as potential support levels. If these break, the stock could face a steeper decline.
NYSE:TDShort
by DEXWireNews
2
TD Long PositionHi traders, Taking a closer look at British American Tobacco (BATS), we can observe the formation of a falling wedge pattern over the past few weeks, indicating a potential bullish reversal. British American Tobacco, a leading global tobacco and nicotine products company, has faced some market challenges recently. However, the company's diverse product portfolio and strong market presence suggest significant underlying strength. The falling wedge pattern is characterized by converging trendlines, where both the highs and the lows are declining, but the highs are falling faster than the lows, forming a wedge shape that slopes downwards. This pattern often signals a potential reversal from a downtrend to an uptrend. As BATS approaches the apex of the falling wedge, a breakout above the upper trendline could confirm the bullish reversal. Entering a long position upon confirmation of the breakout appears favorable. 1st Take Profit: 70.40 2nd Take Profit: 76.98 Final Target: 85.90
NYSE:TDLong
by vf_investment
TD Bank Probe Tied to Laundering of Illicit Fentanyl Profits A US Department of Justice (DoJ) investigation into TD Bank ( NYSE:TD ) is focused on how Chinese drug traffickers and crime groups used Canada's second-largest lender to launder their money from fentanyl sales. The bank disclosed last year that it was cooperating with authorities in an investigation into its anti-money laundering compliance program by the DoJ. The investigation was initiated after agents uncovered an operation in New York and New Jersey that laundered hundreds of millions of dollars in proceeds from illicit narcotics through NYSE:TD and other banks. TD Bank ( NYSE:TD ) and the DoJ did not immediately respond to Journalist requests for comment. Canada's anti-money laundering agency imposed its biggest-ever penalty of nearly C$9.2 million ($6.71 million) on TD Bank ( NYSE:TD ) over non-compliance of anti-money laundering regulations. Toronto-Dominion Bank ( NYSE:TD ) also faces probes by three US regulators over its handling of suspicious customer transactions. The bank has set aside an initial $450 million with respect to just one of those regulatory probes, but it can't estimate the final size of any fines or other penalties it might face tied to the anti-money-laundering investigations. The Wall Street Journal reported that the US Department of Justice launched an investigation after discovering evidence of a drug-money-laundering operation in New York and New Jersey. There are allegations that the criminals bribed Toronto-Dominion employees in that case and at least one other. Toronto-Dominion disclosed last year that it was under investigation by the department. Canada's second-largest lender also faces probes by three US regulators over its handling of suspicious customer transactions. The bank has set aside an initial $450 million concerning just one of those regulatory probes, noting that it can't estimate the final size of any fines or other penalties it might face tied to the anti-money-laundering investigations. Toronto-Dominion's shares dropped after the Journal report Thursday afternoon and closed down 1.7% afterward during Friday trading session, Toronto-Dominion Bank ( NYSE:TD ) stock was down 6%. The bank has been and continues to cooperate with law enforcement and regulators, and a comprehensive effort is underway to strengthen its anti-money laundering program, including investments in talent, tools, and technology.
NYSE:TDShort
by DEXWireNews
1
Time to enter Long TD BANKPrice is more than likely going to stay within this price range from this point forward as even though the monthly timeframe is producing a bearish sentiment the smaller timeframes such as the weekly daily and four hour timeframe are receiving price action from buyers as it is being propped up around the high 70s or 79$ range. Ive got a daily to the left and four hour to the right currently price is receiving buying volume as shown to the bottom left at these prices which in turn has produced a possible reversal long entry to the upside as we reach a range in price which it bounced back up for a 5% gain based on previous times it had hit this price target. RSI indicator to the right is just below 50, weve got the macd and signal line crossing over each other, the bullish histogram (represented in purple rather than green) is in bold good sign, and the selling was diminishing as should in the smaller histogram ( in red)
TSX:TDLong
by nickso833
Double Bottom Reversal Pattern: Ready to AscendValue-Finder This chart pattern shows a double bottom formation, where the current price has hit a low point twice before rebounding. The pattern is currently at the low point of the second bottom and is indicating a potential trend reversal. This chart pattern suggests that the asset is now preparing to ascend to a target price, making it a good idea to consider a long position. This double bottom reversal pattern can be a bullish signal and may provide an opportunity for traders and investors to enter a position with a favorable risk-reward ratio. Possible Downside Our trade idea is based on a double bottom formation that is currently positioned for a bullish trend reversal. Since March 2020, the price has been following an upward trend line and has bounced off this line multiple times as it continued to serve as support. However, during March 2023, the price broke below the trend line, forming the second bottom. While we anticipate a rally, we must be prepared to face headwinds as we approach previous support that has now become resistance. As such, we recommend monitoring the price closely as it approaches the $85.44 - $87.43 area and considering exiting the trade or taking early profits. This trade idea offers a favorable risk-reward ratio and the potential for significant gains. Trade Predication TSX:TD Time frame: 17/March/23 - 17/May/23 (61 days) Trade entry: $78.62 Price Target: $85.44 - 94.15% Potential Return: 8.62% - 19.75% Expected Target: $86.27 Expected Return: 9.73% Expected Date: 19/April/23 (33 days)
TSX:TDLong
by UnknownUnicorn13690023
5