From financial advisors to footballers, Russian mafia to Olympic
fraudsters, here is a round-up of money laundering convictions from
the past two months in the UK.
Company director jailed for money laundering - Yorkshire
A Yorkshire businessman acted as banker for three fraudulent
shares salesmen who controlled a boiler room syndicate that
defrauded 1700 investors out of 27.5 million.
He opened bank accounts for three different companies,
purportedly for property management purposes, but which were
actually used for the proceeds of the fraud. He also arranged for
funds to be transferred to accounts in Jersey and Malta, from which
they were transferred to accounts throughout Europe, Dubai and
Canada.
Following a joint investigation by the Financial Services
Authority and the City of London Police, he was convicted of three
counts of money laundering and sentenced to four and a half years'
imprisonment.
He was also disqualified from being a company director for seven
years. The other three fraudsters were jailed in August 2011 for a
total of 19 years.
Read
more
Three men convicted after 12 million scam on local
philanthropist - Norwich
Three fraudsters convinced a prominent local businessman that he
would make a large profit from a high-yield investment scheme. He
was persuaded to give the fraudsters 11.9 million, which
disappeared after he transferred the money to an offshore fund.
A German church in Dortmund lost 5.6 million in a linked
fraud. The fraudsters were sentenced to 26 years' imprisonment.
None of the money has been recovered.
Read
more
Financial adviser convicted of laundering 9.5 million -
Sunderland
A financial advisor from Sunderland who was part of an
international money laundering operation has been jailed for three
years.
The criminals used a network of offshore companies run by
trusted associates and offshore banks in jurisdictions such as the
Channel Islands and Cyprus to conceal their trail, and then
transferred the cash to the UK.
Two members of the group were convicted in Germany six years ago
and a Serious Organised Crime Agency (SOCA) investigation revealed
the other criminals and the whereabouts of the stolen money.
To date, the equivalent of 2.78 million of assets have
been frozen in the UK. Cash has also been frozen in Spain, Portugal
and Australia. Other members of the group have been jailed for
between two and eight years.
Read more
Two men found guilty of Olympics fraud - London
Two men have been convicted of money laundering after defrauding
the Olympics Delivery Authority (ODA) out of 2.3
million.
One of the men claimed to be a finance director of a
construction company working on the Olympic Park and asked the ODA
to change the bank account details to those of a company called AK
Legal Solutions, which was his own account.
The ODA transferred around 2.3 million to his account, of
which 2.14 million has been recovered. The men targeted
numerous other Olympics-related organisations. Had all the frauds
been successful, the men would have obtained around 6
million.
The men were convicted of six charges of money laundering and
sentenced to over 9 years' imprisonment.
Read more
Former footballer convicted of money laundering -
Leicester
A former Leicester City player and another man have pleaded
guilty to money laundering charges, specifically transferring
criminal property.
The pair were charged in January 2010 after a payment of
278,372, purportedly a refund from a property deal, was
transferred from Ghana to a UK bank account. The trial was
suspended after documents were produced which suggested the sale
was legal, but these were proved to be false after an investigation
by Thames Valley police and the Ghanaian authorities.
The pair will be sentenced on 8th June 2012 [may need to be
updated next week].
Read more
Drug gang of five convicted of money laundering - Essex
A large organised crime gang from Essex has been broken up
following a major operation by police. Eleven people have been
arrested, charged and sentenced as part of the operation, which
dismantled two organised crime groups and recovered approximately
400,000 worth of drugs and 130,000 cash. A further
five individuals will be sentenced in June for drug trafficking and
money laundering.
Read more
Major criminal organisation dismantled by SOCA -
Kent/London
A major organised crime gang has been dismantled after a
15-month investigation by SOCA. The gang imported, processed and
sold millions of pounds' worth of cocaine. The investigation
recovered 160,000 in cash and several kilos of drugs from
properties in Kent and south east London. Three members of the
group were charged with money laundering offences and sentenced to
twenty years' imprisonment.
Read more
Lincoln man convicted after laundering money through nail
bar
A Lincoln man laundered the profits from six cannabis farms
through a nail bar in Lincoln and a casino in Nottingham. He was
convicted of money laundering and of acquiring and using
41,298 of criminal property.
Read more
Man jailed for laundering money for the Russian mafia -
Coventry
A man who laundered money for the Russian mafia has been jailed
for two years after handing himself in to police in Coventry.
He withdrew 300,000 from various UK bank accounts that
contained the proceeds of crimes committed abroad. The money was
then paid into new accounts or handed to others in cash.
Despite informing the police that he had been involved in such
activity for four years, he was only prosecuted for offences
committed in Coventry during the last week of January this year,
when he withdrew 6,300 from bank accounts belonging to two
other people.
He admitted one count of money laundering and two counts of
fraud.
Read more
Couple convicted of money laundering after raid on Virgin Media
- Northampton
A couple have been convicted of money laundering after
transferring money from the sale of stolen property. 1
million worth of internet equipment was stolen from Virgin Media in
2010 and a large amount sold on to a Canadian company.
The money from the sales was paid into the bank account of one
of the couple, who then transferred the money to their partner.
Both were found guilty of possessing criminal proceeds and money
laundering.
The first individual was sentenced to three years in prison and
disqualified from being a company director for seven years. His
partner received a one year prison sentence.
Read more
Family convicted for money laundering - North Wales
A drug dealer planned to import heroin from Thailand to the UK
via Amsterdam. His brother, mother and sister were also involved in
the conspiracy.
The dealer and his brother admitted conspiracy to import heroin
and conspiracy to launder money. The former was sentenced to seven
years' imprisonment, his brother to five years and his sister to
three years. Their mother was sentenced to 21 months for money
laundering but released as she had already served time on
remand.
Read more
On a lighter note...
Bungling crooks jailed - south London
Four men literally laundered money by using a washing machine to
attempt to clean security dye off stolen cash. The men stole the
money while it was in transit from a bank. They were caught hanging
the soaked notes out to dry in a bathroom by police. They were
sentenced to 15 years in jail for robbery and money laundering.
Read more
Taking money laundering literally - Stockport
A laundry worker who stored 250,000 of cash next to a
washing machine at his home has been jailed for two years. The man
was storing the money, believed to be the profits of a drug
dealing, for members of a criminal gang.
Read more