Vincentian national, Firms Indicted In 50Million Dollar Fraud

Vincentian National Linda Bullock is among six individuals and Four Corporate Defendants Indicted In $50 Million International Securities Fraud And Money Laundering Schemes.

The individuals are Panayiotis Kyriacou, Arvinsingh Canaye, Adrian Baron, Linda Bullock, Matthew Green, and Aristos Aristodemou; Beaufort Securities Ltd (“Beaufort Securities”), a brokerage firm located in London, United Kingdom; Beaufort Management Services Ltd (“Beaufort Management”), an off-shore management company located in Mauritius; Loyal Bank Ltd (“Loyal Bank”), an off-shore bank with offices in Budapest, Hungary and Saint Vincent and the Grenadines; and Loyal Agency and Trust Corp. (“Loyal Agency”), an off-shore management company located in Saint Vincent and the Grenadines.

The charges include conspiracy to commit securities fraud and money laundering conspiracy.

“As alleged in the indictment, the defendants engaged in an elaborate multi-year scheme to defraud the investing public of millions of dollars through deceit and manipulative stock trading, and then worked to launder the fraudulent proceeds through off-shore bank accounts and the art world, including the proposed purchase of a Picasso painting,” stated United States Attorney Donoghue.  “

“As alleged, in a series of unscrupulous and illegal trading practices, the defendants contrived a scheme to defraud investors of U.S. publicly traded companies by manipulating stock prices and masking the true ownership of their clients’ financial interests,” stated Assistant Director-in-Charge Sweeney.  “In order to discreetly receive their illegal proceeds, the defendants focused their efforts on laundering the money through a variety of means, including the art world, which they believed was a market free from direct regulation.

Vincentian National Linda Bullock

Between January 2011 and February 2018, the Beaufort Defendants; Loyal Bank; Loyal Agency; Baron, the Chief Business Officer of Loyal Bank and a Director of Loyal Agency; and Bullock, the Chief Executive Officer of Loyal Bank and a Director of Loyal Agency, together with their co-conspirators, devised and engaged in a scheme to launder securities fraud proceeds for their clients.

To facilitate this scheme, Beaufort Securities transferred funds to corporate bank accounts at Loyal Bank opened in the names of off-shore shell companies that were controlled by the bank’s clients.  Loyal Bank then provided debit cards to its clients to withdraw funds from those accounts in an untraceable manner to hide the source of the money and facilitate ongoing securities fraud.

Separately, between October 2017 and February 2018, Kyriacou; Aristodemou, the uncle of Kyriacou; and Green, the owner of an art gallery in London, United Kingdom, together with their co-conspirators, agreed to launder £6.7 million, the equivalent of over $9 million dollars, which the Undercover Agent represented to be the proceeds of securities fraud.

After initially proposing the use of real estate investments to launder the funds, the co-conspirators devised a scheme to “clean up the money” through the purchase and subsequent sale of art.  Aristodemou described the art business as the “only market that is unregulated,” and that art was a profitable investment because of “money laundering.”

The defendants proposed the Undercover Agent could purchase from Green a painting by Pablo Picasso entitled “Personnages, Painted 11 April 1965,” and provided paperwork for the painting’s purchase.  The money laundering scheme was halted prior to the transfer of ownership of the painting.

The charges in the indictment are merely allegations, and the defendants are presumed innocent unless and until proven guilty.

The Defendants:
PANAYIOTIS KYRIACOU, also known as “Peter Kyriacou”
Age: 26
Residence: London, England
ARVINSIGH CANAYE, also known as “Vinesh Canaye”
Age: 30
Residence: Mauritius
Age: 63
Residence: Budapest, Hungary
Age: 57
Residence: St. Vincent/Grenadines
Age: 49
Residence: London, England
Age: 50
Residence: London, England
London, England
Budapest, Hungary and St. Vincent/Grenadines
St. Vincent/Grenadines

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