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Onchan man jailed for money laundering

Fri, 23 Nov 2018

An Onchan man has been jailed for three years and two months after being sentenced for money laundering offences.

59-year-old Elton Sheldon was sentenced yesterday after appearing at Douglas Courthouse.

Mr Sheldon had tried to transfer €301,752.00 stolen from a company in France through a Manx bank account.

He then tried to remove €230,000.00 of the funds from the Isle of Man to China. 

Sheldon was found guilty by a jury today of four counts under the Proceeds of Crime Act and one of demanding property on forged documents.

Detective Constable Claire KEMP of the Economic Crime Unit said “This has been a detailed and protracted investigation involving multiple jurisdictions over two and a half years."

"The Isle of Man Constabulary will not tolerate the Isle of Man being used as a vehicle to launder money and as such treats offences of this nature extremely seriously."

"The Economic Crime Unit will continue to investigate allegations of financial crime in order to maintain the confidence in the Island’s financial and business community."

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