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UK Bookie Jailed For Money Laundering

Friday, 14th July 2006

Friday Odd Spot 2: Meanwhile UK bookmaker Gerald Geraghty (whose family business operates both on & off the racecourse in the north of England) "has been jailed for 21 months for money laundering offences," reported racingpost.co.uk. Geraghty, 61, was sentenced at Leeds Crown Court "following an investigation by the National Crime Squad into the activities of Geraghty & 2 other men Robert Dimmock & Paul Turner who all pleaded guilty to offences committed between September 2001 & April 2004". Police established Dimmock (an international cigarette smuggler) "would give large sums of cash to Geraghty (who had a betting shop in Doncaster) & in return the bookmaker would write cheques for a like amount to be paid into various bank accounts opened by Turner & Dimmock in Luxembourg"; Geraghty "would then write fictitious names on the cheque stubs to hide his conduct & claim these represented legitimate winnings by Dimmock"; the money "was banked in Luxembourg, then transferred to a limited company on the Isle Of Man set up by Turner". The company bought property in Doncaster & Newcastle "which Turner bought back in his own name by making fraudulent applications for mortgages"; he would then "transfer the equity in the Isle Of Man to accounts held in Jersey & then to accounts held in Prague: that money "would then be transferred to an account Dimmock had in Cyprus" & Dimmock "passed it to close family & friends who would draw it out as cash & return it to him". The cheques totalled around £100,000 (A$240,000) & Judge Marston sentenced Dimmock to 4 years in prison, Turner to 3 years 9 months & Geraghty to 1 year 9 months.

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