Fraud Friday: Bank Insider Sold Customer Data for $155,000, Enabling $3.4 Million Fraud

June 5, 2026

Bob Coleman
Founder & Publisher

Fraud Friday: Bank Insider Sold Customer Data for $155,000, Enabling $3.4 Million Fraud

Kelvin Lam pleaded guilty last week to defrauding TD Bank customers and bribing an employee at another financial institution to falsify bank records, facilitating more than $3.4 million in fraud.

Lam worked for TD Bank. Prosecutors said he used his employee credentials to identify customer accounts with large balances. He conducted unauthorized inquiries into customer accounts and emailed supervisors and managers requesting monthly large-balance reports.

In exchange for bribes totaling $155,000, Lam provided confidential TD Bank customer information to co-conspirators.

The co-conspirators used the information Lam supplied to gain access to and control of TD Bank customer accounts and conduct unauthorized withdrawals and transfers.

On March 8 and March 9, 2021, Lam’s co-conspirators used information he had provided to access an individual’s TD Bank account.

Using that account, the co-conspirators conducted multiple transfers, withdrawals, and bank check purchases, stealing $417,300.

In total, Lam and his co-conspirators attempted to steal $6,535,631 and successfully stole $3,386,794 from TD Bank customer accounts.

In May 2022, Lam bribed a banker at another bank to open a business checking account.

The account was opened in the name of Late Night Bistro Inc. and was not a legitimate business.

That activity resulted in losses of $47,195, and Lam pocketed $9,000 from the fraud.

Lam is scheduled to be sentenced on October 15, 2026.

Kelvin faces 5 to 8 years in federal prison.