Director found guilty of nine counts of money laundering

Thursday 25th November 2010, 2:29PM GMT.

A COMPANY director who denied laundering a total of $87,000 between October 2002 and April 2003 has been found guilty of nine charges.

Roger Taylor, 61, was bailed with conditions, including the placement of a £10,000 surety with the court by a third party.

Yesterday the Royal Court heard that the laundered money came from Michael Summers who, in 2006 at Bristol Crown Court, admitted 33 counts of fraud after conning investors out of $4.3m. by using a Ponzi scheme – a fraudulent scheme where investors were paid high interest rates using money from people who joined the scheme after them while the fraudsters diverted much of the cash to themselves.

Some of the Summers’ cash was channelled through four companies, of which Taylor was a director.