ADVOCATE Jenny Holt has today (Tuesday) been convicted of an offence of money laundering in relation to £400,000 which was stolen by Trevor Baines and his wife Wendy from Hermitage Securities Limited in order to fund their legal fees.

Miss Holt was also convicted of creating false records.

The charges stemmed from when Miss Holt, who denied the charges, was part of the defence team for the Baines'.

Detective Sergeant Lynne Skelly of the Isle of Man Police Financial Crime Unit said: "It is one of the aims of the Financial Crime Unit to ensure the Island is a safe place to do business.

"The legal profession and trustees are key players in ensuring that the Isle of Man has a positive financial reputation.

"This conviction sends out a strong message to the international financial community that the Island will not be seen as a safe haven for money laundering. I am pleased that the case has resulted in a successful conclusion."

Mr Baines, after pleading guilty, was convicted of five counts of theft in relation to £770,000 stolen from Hermitage Securities Limited and 43,383.95 Euros from Mr Henry Charles Taylor.

His wife was also convicted after pleading guilty to the theft of £400,000 from Hermitage Securities Limited.

DS Skelly said: ''This was a serious breach of trust by Mr and Mrs Baines who stole considerable funds from client bank accounts under their control.

"Trustees are key players in ensuring that the Isle of Man has a positive financial reputation. This conviction sends out a strong message to the international financial community that the Island will not tolerate such criminal conduct."