Michael McInerney of Richmond, North Yorkshire, has been convicted of three counts of money laundering, following a joint investigation by the Financial Services Authority (FSA) and City of London Police (CoLP).
McInerney has also been disqualified from being a company director for seven years. The trial took place at Southwark Crown Court.
…The FSA said McInerney opened bank accounts for three different companies – Rock Solid Asset Management, Worldwide Assets Ltd and Universal Management Services – which were purportedly for property management purposes.
In reality they were set up with the sole purpose of receiving the proceeds of boiler room fraud, the FSA said. McInerney arranged the accounts so that cheques could be accepted into them from a variety of different company names and £12m was paid in to these accounts between January 2006 and October 2007.
McInerney also arranged transfers of funds to offshore accounts in Jersey and Malta. These accounts had been established after companies were registered in the British Virgin Islands, Anguilla, and Gibraltar.
Detailed news link: here
FSA press release link: here