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   Technology StocksAremisSoft Corporation (AREM)


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To: Arcane Lore who wrote (663)6/25/2002 10:48:07 AM
From: Arcane Lore
   of 683
 
From today's online NY Times:

3 From Software Maker Are Indicted

By THE ASSOCIATED PRESS

Three former executives with the software maker AremisSoft Corporation were charged yesterday with insider trading, money laundering and accounting fraud.

A securities fraud indictment filed in federal court in Manhattan accused the company's former co-chief executives, Lycourgos Kyprianou and Roys Poyiadjis, and its former president, M. C. Mathews, of conspiring to bilk shareholders out of hundreds of millions of dollars.

Mr. Kyprianou, 47, and Mr. Poyiadjis, 36, who would each face up to 20 years in prison if convicted, remain free in Cyprus, prosecutors said. Mr. Mathews, who would face up to 10 years, is free in India.

From 1999 through 2001, the three men reportedly inflated the company's stock by fabricating $90 million in fictitious earnings and announcing multimillion-dollar acquisitions of sham software companies. The plan resulted in $250 million in insider-trading profits, which were laundered through offshore bank accounts, court papers said.

Authorities said they had seized about $175 million of the illicit proceeds in bank accounts in the Isle of Man.

AremisSoft, a maker of software and Internet solutions for the manufacturing, hospitality, health care and construction industries, filed earlier this year for bankruptcy protection amid a Securities and Exchange Commission investigation and moved its headquarters from New Jersey to Minnesota.

Copyright 2002 The New York Times Company

nytimes.com

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To: benchpress550 who wrote (672)6/25/2002 1:26:50 PM
From: mmmary
   of 683
 
"3 Face 20 Yrs. in Trading Scam
By HELEN PETERSON

Daily News Business Writerhree top executives of a bankrupt software company were charged with ripping off shareholders of hundreds of millions of dollars.AremisSoft's former chairmen, Lycourgos Kyprianou and Roys Poyiadjis, as well as a former president, M.C. Mathews, were indicted in Manhattan Federal Court on charges of securities fraud, accounting fraud, insider trading and money laundering.The trio is charged with announcing a series of purported multimillion dollar acquisitions of what were actually worthless shell companies and fabricating $90 million in bogus revenues from customers supposedly located in emerging markets.They are also charged with artificially inflating the company's stock, which rose from $5 to $50 a share — then dumping millions of shares and pocketing $250 million in illegal profits. Kyprianou and Poyiadjis also are accused of laundering their funds through off-shore accounts.The scheme to misrepresent AremisSoft's business and financial condition took place between 1999 and 2001, according to the indictment.Prosecutors said the company once traded on the Nasdaq and had a market capitalization of $1 billion. It is currently in bankruptcy.AremisSoft was a Delaware corporation with offices throughout the world, including Britain, India, Cyprus and New York.Manhattan U.S. Attorney James Comey said the feds located more than $175 million in proceeds in bank accounts in the Isle of Man and are seeking to have it forfeited.He said prosecutors are seeking extradition of Kyprianou, 47, and Poyiandjis, 36, from Cyprus, and of Mathews, 38, from India.They face more than 20 years in prison if convicted."

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To: mmmary who wrote (674)6/25/2002 3:14:45 PM
From: benchpress550
   of 683
 
Maybe your jail cell buddy tony will teach the new guys on the proper way to drop the soap.

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To: get shorty who wrote (660)11/25/2002 1:53:57 PM
From: Kevin Podsiadlik
   of 683
 
Message 18271813

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From: StockDung4/15/2008 4:51:57 PM
   of 683
 
Securities and Exchange Commission v. Savvides & Partners/PKF Cyprus, et al., Civil Action No. 06 CV 2223 (S.D.N.Y.)

U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 20527 / April 15, 2008
Accounting and Auditing Enforcement Release No. 2810 / April 15, 2008
Securities and Exchange Commission v. Savvides & Partners/PKF Cyprus, et al., Civil Action No. 06 CV 2223 (S.D.N.Y.)

PKF Cyprus Agrees to Injunction in Fraud Settlement in Connection With Audits of AremisSoft; Agrees to Pay $261,565 in Civil Penalties, Disgorgement and Prejudgment Interest
Savvides & Partners/PKF Cyprus (PKF Cyprus), a Cyprus-based accounting firm, has consented to the entry of a final judgment in the Commission's case charging it engaged in fraud in connection with its 1999 and 2000 audits of AremisSoft Corporation. The firm agreed to settle without admitting or denying the allegations in the Commission's complaint. The settlement, which is subject to Court approval, would permanently enjoin PKF Cyprus from violating or aiding and abetting violations of the anti-fraud, reporting, books and records and internal controls provisions of the federal securities laws: Section 17(a) of the Securities Act of 1933, Sections 10(b), 13(a), 13(b)(2)(A) and 13(b)(2)(B) of the Securities Exchange Act of 1934 (Exchange Act) and Exchange Act Rules 10b-5, 12b-20, 13a-1 and 13b2-1. As part of this settlement, and following the entry of the proposed final judgment against it, PKF Cyprus, without admitting or denying the Commission's findings, has consented to the issuance of an administrative order pursuant to Rule 102(e)(3) of the Commission's Rules of Practice, suspending it from appearing or practicing before the Commission as an accountant, with the right to apply for reinstatement after five years. PKF Cyprus will disgorge $106,513, which includes fees received as a result of its engagements to audit the financial statements of AremisSoft, with prejudgment interest of $48,539, and a $106,513 civil money penalty.

In its complaint filed March 21, 2006, the Commission alleged that PKF Cyprus issued audit reports for AremisSoft subsidiaries in 1999 and 2000 signed by former firm partner Pavlos Meletiou (also named as a defendant in the complaint) that falsely stated that its audits were conducted in accordance with U.S. Generally Accepted Auditing Standards (U.S. GAAS) and that the subsidiaries' financial statements were fairly presented in accordance with U.S. Generally Accepted Accounting Principles (U.S. GAAP). The false financial statements of these companies were included as part of AremisSoft's consolidated financial statements filed with AremisSoft's year 1999 and 2000 Forms 10-K filed with the Commission, and in AremisSoft registration statements. The complaint also alleges that the PKF Cyprus audit workpapers prepared by Meletiou during the 2000 audits of two AremisSoft subsidiaries, found in a trash heap outside AremisSoft's Indian offices, included phony customer and bank confirmations. The complaint further alleges that Meletiou attended meetings with senior AremisSoft executives in which the AremisSoft financial fraud was openly discussed.

For additional information, see Litigation Release No. 19622 / March 22, 2006.

sec.gov

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From: anniebonny1/7/2009 8:01:51 PM
   of 683
 
UNITED STATES OF AMERICA
BEFORE the
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934 Release No. 59205 / January 6, 2009
ACCOUNTING AND AUDITING ENFORCEMENT Release No. 2915 / January 6, 2009
ADMINISTRATIVE PROCEEDING FILE NO. 3-13326
In the Matter of
PAVLOS MELETIOU, CERTIFIED ACCOUNTANT
Respondent.
ORDER INSTITUTING PUBLIC
ADMINISTRATIVE PROCEEDINGS
AND IMPOSING TEMPORARY
SUSPENSION PURSUANT TO RULE
102(e)(3) OF THE COMMISSION’S
RULES OF PRACTICE
I.
The Securities and Exchange Commission ( “Commission”) deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted pursuant to Rule 102(e)(3)1 of the Commission’s Rules of Practice against Pavlos Meletiou (“Respondent” or “Meletiou”).
II.
The Commission finds that:
A. RESPONDENT
1. Meletiou was a partner of the accounting firm PKF Cyprus while AremisSoft Corporation (“AremisSoft”) was a public company. He was responsible for the
Rule 102(e)(3)(i) provides, in relevant part, that: The Commission, with due regard to the public interest and without preliminary hearing, may, by order, … suspend from appearing or practicing before it any … accountant … who has been by name … permanently enjoined by any court of competent jurisdiction, by reason of his or her misconduct in an action brought by the Commission, from violating or aiding and abetting the violation of any provision of the Federal securities laws or of the rules and regulations thereunder.
1
audits and reviews of AremisSoft subsidiaries that PKF Cyprus conducted. He was a certified accountant in Cyprus. He is a citizen of Cyprus, where he currently resides.
B. CIVIL INJUNCTION
2.
On September 23, 2008, the U.S. District Court for the Southern District of New York entered a final default judgment against Meletiou, permanently enjoining him from future violations of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 (“Exchange Act”) and Exchange Act Rule 10b-5 and from aiding and abetting future violations of Sections 13(a), 13(b)(2)(A) and 13(b)(2)(B) of the Exchange Act, and Exchange Act Rules 12b-20, 13a-1 and 13b2-1. Securities and Exchange Commission v. Savvides & Partners/PKF Cyprus, Pavlos Meletiou, et. al., 06 CV 2223 (CSH) (S.D.N.Y.)
3.
The Commission’s complaint, filed March 21, 2006, alleged, among other things, that Meletiou signed unqualified audit reports on behalf of PKF Cyprus, a Cyprus-based accounting firm, for AremisSoft subsidiaries in 1999 and 2000 that falsely stated that the audits were conducted in accordance with U.S. Generally Accepted Auditing Standards (“GAAS”) and that the AremisSoft subsidiaries’ financial statements were fairly presented in conformity with
U.S. Generally Accepted Accounting Principles (“GAAP”). The complaint further alleged that Meletiou was responsible for the audits and reviews of the AremisSoft subsidiaries and that he attended meetings with senior AremisSoft executives in which the AremisSoft financial fraud was openly discussed.
III.
Based upon the foregoing, the Commission finds that a court of competent jurisdiction has permanently enjoined Meletiou from violating the Federal securities laws within the meaning of Rule 102(e)(3)(i)(A) of the Commission’s Rules of Practice. In view of these findings, the Commission deems it appropriate and in the public interest that Meletiou be temporarily suspended from appearing or practicing before the Commission as an accountant.
IT IS HEREBY ORDERED that Meletiou be, and hereby is, temporarily suspended from appearing or practicing before the Commission as an accountant. This Order shall be effective upon service on the Respondent.
IT IS FURTHER ORDERED that Meletiou may within thirty days after service of this Order file a petition with the Commission to lift the temporary suspension. If the Commission within thirty days after service of the Order receives no petition, the suspension shall become permanent pursuant to Rule 102(e)(3)(ii).
If a petition is received within thirty days after service of this Order, the Commission shall, within thirty days after the filing of the petition, either lift the temporary suspension, or set the matter down for hearing at a time and place to be designated by the Commission, or both. If a hearing is ordered, following the hearing, the Commission may lift the suspension, censure the
2
petitioner, or disqualify the petitioner from appearing or practicing before the Commission for a period of time, or permanently, pursuant to Rule 102(e)(3)(iii). This Order shall be served upon Meletiou by registered mail at his last known address. By the Commission.
Elizabeth M. Murphy Secretary

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To: anniebonny who wrote (678)1/7/2009 8:02:33 PM
From: anniebonny
   of 683
 
UNITED STATES OF AMERICA
BEFORE the
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934 Release No. 59206 / January 6, 2009
ACCOUNTING AND AUDITING ENFORCEMENT Release No. 2916 / January 6, 2009
ADMINISTRATIVE PROCEEDING FILE NO. 3-13327
In the Matter of
R.K. DHAWAN & CO. Respondent.
ORDER INSTITUTING PUBLIC
ADMINISTRATIVE PROCEEDINGS
AND IMPOSING TEMPORARY
SUSPENSION PURSUANT TO RULE
102(e)(3) OF THE COMMISSION’S
RULES OF PRACTICE
I.
The Securities and Exchange Commission ( “Commission”) deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted pursuant to Rule 102(e)(3)1 of the Commission’s Rules of Practice against R.K. Dhawan & Co. (“Respondent” or “Dhawan & Co.”).
II.
The Commission finds that:
A. RESPONDENT
1. Dhawan & Co. is an accounting firm with offices in New Delhi, India and Bangalore, India. R.K. Dhawan, a chartered accountant in India, is the founding partner of
Rule 102(e)(3)(i) provides, in relevant part, that: The Commission, with due regard to the public interest and without preliminary hearing, may, by order, … suspend from appearing or practicing before it any … accountant … who has been by name … permanently enjoined by any court of competent jurisdiction, by reason of his or her misconduct in an action brought by the Commission, from violating or aiding and abetting the violation of any provision of the Federal securities laws or of the rules and regulations thereunder.
1
Dhawan & Co. He was responsible for the reviews and audits of AremisSoft Corporation subsidiaries conducted by Dhawan & Co.
III.
B. CIVIL INJUNCTION
1.
On September 23, 2008, the U.S. District Court for the Southern District of New York entered a final default judgment against Dhawan & Co., permanently enjoining it from future violations of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 (“Exchange Act”) and Exchange Act Rule 10b-5 and from aiding and abetting future violations of Sections 13(a), 13(b)(2)(A) and 13(b)(2)(B) of the Exchange Act, and Exchange Act Rules 12b-20, 13a-1 and 13b2-1. Securities and Exchange Commission v. Savvides & Partners/PKF Cyprus, Pavlos Meletiou, et. al., 06 CV 2223 (CSH) (S.D.N.Y.).
2.
The Commission’s complaint alleged, among other things, that Dhawan and Co. issued audit reports on nine AremisSoft subsidiaries in 2000 signed by its partner Dhawan that falsely stated that the audits were conducted in accordance with U.S. Generally Accepted Auditing Standards (“GAAS”) and that the AremisSoft subsidiaries’ financial statements were presented in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”). The complaint further alleged that the companies’ false financial statements were included as part of AremisSoft’s consolidated financial statements filed with AremisSoft’s year 2000 Form 10-K. The complaint alleged that five of the nine companies were never in fact acquired by AremisSoft and four were shells with insignificant assets, revenues, and income. The complaint also alleged that Dhawan had no training or experience in U.S. GAAS or U.S. GAAP.
III.
Based upon the foregoing, the Commission finds that a court of competent jurisdiction has permanently enjoined Dhawan & Co. from violating the Federal securities laws within the meaning of Rule 102(e)(3)(i)(A) of the Commission’s Rules of Practice. In view of these findings, the Commission deems it appropriate and in the public interest that Dhawan & Co. be temporarily suspended from appearing or practicing before the Commission as an accountant.
IT IS HEREBY ORDERED that Dhawan & Co. be, and hereby is, temporarily suspended from appearing or practicing before the Commission as an accountant. This Order shall be effective upon service on the Respondent.
IT IS FURTHER ORDERED that Dhawan & Co. may within thirty days after service of this Order file a petition with the Commission to lift the temporary suspension. If the Commission within thirty days after service of the Order receives no petition, the suspension shall become permanent pursuant to Rule 102(e)(3)(ii).
If a petition is received within thirty days after service of this Order, the Commission shall, within thirty days after the filing of the petition, either lift the temporary suspension, or set
2
the matter down for hearing at a time and place to be designated by the Commission, or both. If a hearing is ordered, following the hearing, the Commission may lift the suspension, censure the petitioner, or disqualify the petitioner from appearing or practicing before the Commission for a period of time, or permanently, pursuant to Rule 102(e)(3)(iii).
This Order shall be served upon Dhawan & Co. by registered mail at its last known address.
By the Commission.
Elizabeth M.

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To: anniebonny who wrote (679)1/7/2009 8:03:10 PM
From: anniebonny
   of 683
 
UNITED STATES OF AMERICA
BEFORE the
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934 Release No. 59204 / January 6, 2009
ACCOUNTING AND AUDITING ENFORCEMENT Release No. 2914 / January 6, 2009
ADMINISTRATIVE PROCEEDING FILE NO. 3-13325
In the Matter of
R.K. DHAWAN, CHARTERED ACCOUNTANT
Respondent.
ORDER INSTITUTING PUBLIC
ADMINISTRATIVE PROCEEDINGS
AND IMPOSING TEMPORARY
SUSPENSION PURSUANT TO RULE
102(e)(3) OF THE COMMISSION’S
RULES OF PRACTICE
I.
The Securities and Exchange Commission ( “Commission”) deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted pursuant to Rule 102(e)(3)1 of the Commission’s Rules of Practice against R.K. Dhawan (“Respondent” or “Dhawan”).
II.
The Commission finds that:
A. RESPONDENT
1. Dhawan, a chartered accountant in India, is the founding partner of R.K. Dhawan & Co. (“Dhawan & Co.”). He was responsible for the reviews and audits of AremisSoft
Rule 102(e)(3)(i) provides, in relevant part, that: The Commission, with due regard to the public interest and without preliminary hearing, may, by order, … suspend from appearing or practicing before it any … accountant … who has been by name … permanently enjoined by any court of competent jurisdiction, by reason of his or her misconduct in an action brought by the Commission, from violating or aiding and abetting the violation of any provision of the Federal securities laws or of the rules and regulations thereunder.
1
Corporation (“AremisSoft”) subsidiaries conducted by Dhawan & Co. He is a citizen of India, where he currently resides.
B. CIVIL INJUNCTION
2.
On September 23, 2008, the U.S. District Court for the Southern District of New York entered a final default judgment against Dhawan, permanently enjoining him from future violations of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 (“Exchange Act”) and Exchange Act Rule 10b-5 and from aiding and abetting future violations of Sections 13(a), 13(b)(2)(A) and 13(b)(2)(B) of the Exchange Act, and Exchange Act Rules 12b-20, 13a-1 and 13b2-1. Securities and Exchange Commission v. Savvides & Partners/PKF Cyprus, Pavlos Meletiou, et. al., 06 CV 2223 (CSH) (S.D.N.Y.).
3.
The Commission’s complaint alleged, among other things, that Dhawan and Co. issued audit reports on nine AremisSoft subsidiaries in 2000 signed by its partner Dhawan that falsely stated that the audits were conducted in accordance with U.S. Generally Accepted Auditing Standards (“GAAS”) and that the AremisSoft subsidiaries’ financial statements were presented in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”). The complaint further alleged that the companies’ false financial statements were included as part of AremisSoft’s consolidated financial statements filed with AremisSoft’s year 2000 Form 10-K. The complaint alleged that five of the nine companies were never in fact acquired by AremisSoft and four were shells with insignificant assets, revenues, and income. The complaint also alleged that Dhawan had no training or experience in U.S. GAAS or U.S. GAAP.
III.
Based upon the foregoing, the Commission finds that a court of competent jurisdiction has permanently enjoined Dhawan from violating the Federal securities laws within the meaning of Rule 102(e)(3)(i)(A) of the Commission’s Rules of Practice. In view of these findings, the Commission deems it appropriate and in the public interest that Dhawan be temporarily suspended from appearing or practicing before the Commission as an accountant.
IT IS HEREBY ORDERED that Dhawan be, and hereby is, temporarily suspended from appearing or practicing before the Commission as an accountant. This Order shall be effective upon service on the Respondent.
IT IS FURTHER ORDERED that Dhawan may within thirty days after service of this Order file a petition with the Commission to lift the temporary suspension. If the Commission within thirty days after service of the Order receives no petition, the suspension shall become permanent pursuant to Rule 102(e)(3)(ii).
If a petition is received within thirty days after service of this Order, the Commission shall, within thirty days after the filing of the petition, either lift the temporary suspension, or set the matter down for hearing at a time and place to be designated by the Commission, or both. If a hearing is ordered, following the hearing, the Commission may lift the suspension, censure the
2
petitioner, or disqualify the petitioner from appearing or practicing before the Commission for a period of time, or permanently, pursuant to Rule 102(e)(3)(iii). This Order shall be served upon Dhawan by registered mail at his last known address. By the Commission.
Elizabeth M. Murphy Secretary
3

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From: anniebonny1/7/2009 8:04:15 PM
   of 683
 
AremisSoft Ex-CEO Settles With SEC
06/10/05 - 05:06 PM EDT

, TSCM TSC Staff
The former chief of AremisSoft agreed to pay $200 million to settle charges he defrauded investors by making false statements about the software company's finances.

More on Software SAP Sparks FearOpsware Financial Chief ResignsMicrosoft Faces Fresh FinesMicrosoft Plans Web-Based CRM OfferingAccenture Buys OutsourcersAccenture Opens Bangalore LabTechWeek: Mercury Played by Own RulesBusiness Objects to Miss Quarterly TargetsSales Jump at Tibco SoftwareOpenwave Guides Lower Market Activity TheStreet.com Incorporated| TSCM DOWNWithout admitting or denying the charges, Roys Poyiadjis agreed to settle a Securities and Exchange Commission fraud case brought in October 2001. The agency says Poyiadjis agreed to disgorge $200 million of unlawful profit from his trading in AremisSoft stock. The SEC called the deal "among the largest recoveries the SEC has obtained from an individual."
The SEC will distribute the funds to defrauded investors in the AremisSoft post-bankruptcy estate. Poyiadjis also agreed to a final judgment permanently enjoining him from future violations of the antifraud, reporting and other provisions of the federal securities laws and prohibiting him from ever acting as an officer or director of a public company.

The complaint alleged that AremisSoft inflated the value of certain contracts, its revenue and its stock price through fraudulent means. Of some $123.6 million the company reported in revenue in 2000, the SEC said, more than $45 million was based on "purported sales to entities that either do not exist as operating businesses or did not purchase product."

The SEC's complaint charged that AremisSoft and co-CEOs Poyiadjis and Lycourgos Kyprianou made fraudulent statements in public filings and press releases, including:

Reporting in AremisSoft's 2000 financial statements millions of dollars in sales to entities that either did not exist as operating businesses or did not purchase product from AremisSoft.

Reporting in AremisSoft's 1999 and 2000 financial statements that the company paid a total of $32.7 million to acquire three software companies, when in fact the actual purchase prices paid ranged from roughly $100,000 to $300,000.

Misrepresenting the value of and revenue earned from a contract with Bulgaria's Health Insurance Fund in press releases and public filings.
In July 2001, AremisSoft sued short-sellers and TheStreet.com Inc. (TSCM Quote - Cramer on TSCM - Stock Picks), publisher of this Web site, claiming they were conspiring to drive down the company's stock price by distributing false and misleading information.

AremisSoft dropped that suit a month later after revealing that it was under investigation over some of the very same issues. The executives resigned in August 2001 following a lengthy trading halt, when the company conceded that its revenue would miss expectations and that it was being investigated by the SEC.

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To: Sir Auric Goldfinger who wrote (671)11/12/2009 2:29:28 PM
From: StockDung
   of 683
 
Multi-millionaire who bankrolled Miss World competition jailed for laundering proceeds of Wall Street share scam
By Jaya Narain and Claire Ellicott

Business tycoon Trevor Baines, 69, who was named on the Sunday Times Rich List, and his wife Wendy, 50, were involved in a massive share swindle.
The so-called 'pump and dump' scam used false accounting details and completely fictitious market reports to hugely inflate the value of the shares of companies which were then sold off at a massive profit.
Trevor Baines (left) has been jailed for six years for his part in a Wall Street share scam; his wife Wendy was given a suspended nine month sentence

The tycoon was accused of transferring around £111million from Switzerland to bank accounts in the Isle of Man, where he lived, whilst knowing or suspecting the huge sums of money were the proceeds of crime.
Baines and his wife Wendy Nicolau de Almeida Baines, 50, were both convicted following a five-week trial on the Isle of Man.
And yesterday Baines was jailed for six years while his wife received a suspended nine month sentence for their part in the scam.
More...Bad news for Gordon Brown and the Queen as Forbes releases its list of the most powerful people in the world

The Isle of Man Court heard it was one of the largest cases of money laundering ever seen on the island.
Acting Deemster Peter Birkett told Baines: 'As far as the Isle of Man is concerned it will not become a safe haven for dirty money.

'Anyone engaged in money laundering can expect to receive a substantial period in custody.'
The financier, who was ranked 349th on the Rich List in 2008 alongside rock stars Eric Clapton and Phil Collins, made a £130million fortune from private banking and trading.
A view of St Moritz: Baines mixed with celebrities in the resort in Switzerland
He ran his company from his £2.75million Victorian villa in Douglas on the tax haven island and lived a luxury lifestyle.
Baines mixed with celebrities in the businessman's playground of St Moritz in Switzerland, and claimed to know Pippa Middleton, the sister of Prince William's girlfriend Kate.
But he and his wife became involved in a complex share scam on Wall Street with a Greek businessman.
The £111m funds had been amassed by Roys Poyiadjis, the crooked senior executive of American software firm AremisSoft, the court heard.
Baines admitted playing a leading role in the transfer of the money but he denied knowing that Poyiadjis was a crook or that the money had been obtained fraudulently.
The Isle of Man Bank rejected a $200 million transfer when staff grew very suspicious about where it had come from.
But the money was accepted by Flemings bank after its managers flew out to Monte Carlo to meet with Poyiadjis and were satisfied by his account.
Baines was convicted of holding assets on Poyiadjis's behalf and transferring funds to the Isle of Man, which he denied.
He and his wife also denied creating a bogus invoice to cover up missing money from AremisSoft's contract with the Bulgarian health service.
Officials on the tax haven of the Isle of Man warned yesterday that scams affected the island's international reputation.
Poyiadjis is awaiting sentence in the US for his part in the share scam.
Detective Chief Inspector John Mitchell, head of the Isle of Man Police Financial Crime Unit, said: 'This was a very lengthy and complex investigation involving multiple jurisdictions across the world and we are extremely happy with the result.
'The six year sentence sends out a message globally that the Isle of Man will not be a safe haven for laundered money.
'The logistics of such an investigation would test any law enforcement authority, and I am very proud and pleased that our unit has been able to undertake and complete this massive four-year investigation to a successful conclusion.'

Read more: dailymail.co.uk

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