Isle of Man News - POSTED Fri 23-11-2018

Onchan man jailed for money laundering

by TH

Onchan man jailed for money laundering

An Onchan man has been sent to prison for three years and two months for money laundering.

Elton Edwin Sheldon, of Ballachrink Drive, was sentenced on four counts of laundering money and one of demanding property on forged documents.

In October 2015 he opened four bank accounts with a bank in the Isle of Man telling staff he was self-employed and involved in development.

He said the main purpose of his bank accounts was ‘day to day banking and savings’.

However police say he actually used the account to launder the criminal proceeds of a €301,752.00 fraud committed in France.

In January 2016 the bank received an email from Sheldon claiming he was in China and Hong Kong negotiating introductions and contracts for a company based in France.

He stated that he was expecting his first commission payment from the Company that day in the region of €300,000.00.

On the same day a sum of €301,752.00 was received into one of his bank accounts.

He then tried to remove €230,000.00 of the funds from the Isle of Man to China.

When the bank asked for proof of a legitimate business relationship with the company in France, that would explain the payment, he produced a forged agreement purporting to show a genuine business relationship with the company when there was none.

Enquiries with the company revealed he didn’t work there and was never engaged with them.

The company also confirmed that the sum of €301,752.00 has been stolen from their bank account in France by way of a sophisticated online attack on the company bank account.

DC Claire Kemp from the Economic Crime Unit says: “This has been a detailed and protracted investigation involving multiple jurisdictions over two and a half years.

“The Isle of Man Constabulary will not tolerate the Isle of Man being used as a vehicle to launder money and as such treats offences of this nature extremely seriously.

“Mr Sheldon’s actions not only could have resulted in significant losses to the company in France but also caused inconvenience and distress to its staff.

“The Economic Crime Unit will continue to investigate allegations of financial crime in order to maintain the confidence in the Island’s financial and business community.”

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