Dodgy deals involving drug money have led to an Auckland businessman being bankrupted
Dodgy deals involving drug money have led to an Auckland businessman being bankrupted, by a multi-million dollar fine
1 September 2018
A High Court judge says 61-year-old Xiaolan Xiao showed a complete disregard for the money laundering laws, in more than a thousand sketchy offshore transactions.
More than a hundred-million dollars was involved.
Police say half a million of it was laundered in an attempt to conceal a major multi-national drug trade.
Court suppressions mean we can't name others alleged to be in involved in the trade.
Xiao's lawyer admits his client was reckless...but says he didn't have any direct knowledge of the source of the cash.
However, the sentencing judge says the broker would have been well aware it was dirty money.
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