Toronto-Dominion Bank will pay more than $20 million as part of a deal with US prosecutors and regulators to resolve investigations over a former trader’s alleged placement of “spoof” orders to manipulate the US Treasuries market.

The U.S. broker-dealer unit of Toronto Dominion Bank has agreed to pay over $20 million under a deal with U.S. authorities to settle charges that it manipulated the U.S. Treasuries market.

Toronto Dominion Bank entered into a three-year deferred prosecution agreement, the U.S. Department of Justice said on Monday in a filing with the New Jersey federal court

The Securities and Exchange Commission also said the bank was charged for failing to supervise the former head of its Treasurys desk, who allegedly made hundreds of illegal trades over a 13-month period.

The U.S. broker-dealer unit of Toronto Dominion Bank has agreed to pay over $20 million under a deal with U.S. authorities to settle charges that it manipulated the U.S. Treasuries market. TD Securities USA,

Toronto-Dominion Bank is set to pay more than $20 million US as part of a deal with American authorities to resolve an investigation into a former employee's fraud trading tactics to manipulate the U.