One case, reported by the Wall Street Journal in early May, involved TD Bank branches being used to launder drug money as part of a $653m conspiracy. TD Bank set aside an initial provision of $450m for potential regulatory fines on April 30. Bloomberg Intelligence analysts Elliott Stein and Paul Gulberg believe TD Bank likely knew of the additional cases when it made this provision. They estimate total fines between $600m and $1.1bn. Analysts at firms including Bank of Nova Scotia and National Bank of Canada have previously estimated penalties in the range of $2bn for TD Bank. Royal Bank of Canada's Darko Mihelic wrote on May 8 that he believes the fine "may be larger than $1bn" and that, in a "bad scenario," TD Bank could pay $3bn or more in penalties and face an asset cap on its US business for five years.