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Bahamas Money Manager Pleads Guilty In $1bn Money Laundering Case

by Leroy Baker, Tax-News.com, New York

22 November 2006


A Bahamas-based money manager has pleaded guilty in a New York court to charges of breaking US money laundering laws by agreeing to launder hundreds of thousands of dollars worth of narcotics proceeds, following a federal sting operation by the US authorities.

Martin Tremblay, a 43 year-old Canadian national, stands accused of using the Bahamas-based investment firm Dominion Investments, of which he was formerly president and managing director, to launder more than $1 billion in funds derived from tax evasion, drug trafficking, securities fraud and bank fraud.

According to Michael J. Garcia, the United States Attorney for the Southern District of New York, Tremblay was caught as a result of an undercover sting operation conducted by the New York Organized Crime Drug Enforcement Strike Force in 2005.

Dominion's website claimed to be a “leader in the offshore financial services” market, offering clients “the knowledge and expertise they need to effectively use international tax planning, asset protection, and other wealth preservation techniques," Garcia said.

During the investigation, the Strike Force videotaped a meeting between Tremblay and undercover agents from the Internal Revenue Service, in which they discussed the laundering of large amounts of money earned from narcotics sales. Approximately $220,000 was eventually wire transferred by federal agents to Dominion-related accounts.

During his plea before Judge John F. Keenan, United States District Judge for the Southern District of New York, Tremblay admitted that he met with undercover agents in March 2005 in Manhattan, who requested his assistance to launder what were represented to be the proceeds of narcotics trafficking.

The offense to which Tremblay pleaded guilty carries a maximum prison sentence of 20 years and a maximum fine of $500,000. Tremblay is scheduled to be sentenced by Judge Keenan on February 13, 2006.


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