Trevor Braines has been found guilty of money laundering.

That verdict delivered by a jury of seven at Douglas courthouse just before midday.

It took had taken them the best part of two days to find 69 year old Mr Baines guilty.

During the three week trial the Island has been the centre of interest from around the world,

The prosecution claimed Mr Baines knew that $175 million which passed through his company to an Isle of Man Bank, had been obtained as the result of a massive fraud on USA shareholders.

Mr Baines had always denied the charge, and claimed he did not know or suspoect that the money had been obtained dishonestly.

Both he and his wife Wendy Baines have also been found guilty on a second charge of false accounting.