SRA v Michael Wilson
31 October 2017
The respondent was convicted of the offence acquiring criminal property under section 329(1)(a) of the Proceeds of Crime Act 2002 on 22 June 2016 and sentenced to three years imprisonment. The offence related to laundering at least £100,000 of the proceeds of a wine investment scam.
Sanction: The respondent was struck off and ordered to pay costs of £3,397.
SRA v Leonard Ejiofor
20 December 2017
The respondent provided a banking facility to a client through his client account and failed to have sufficient regards for his duties under the Money Laundering Regulations 2007. The Tribunal found that the respondent had failed to take indicators of potential money laundering seriously. In particular, he failed to adequately scrutinise the property transaction he was instructed on and the source of the funds he received from the client and a third-party funder.
Sanction: the respondent was fined £25,000, ordered to pays costs of £6,220.50 and subject to various restrictions.