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by Mike Caswell
Prosecutors in New York have asked a judge to impose a 20-year jail term on Robert Bandfield, the former B.C. dentist who is awaiting sentencing for a massive offshore money laundering operation. They say that Mr. Bandfield, 72, was the architect of one of the largest market manipulation schemes their jurisdiction has ever prosecuted. The scheme caused at least $250-million in losses and had more victims than the government can realistically count. (All figures are in U.S. dollars.)
The request from the government comes as part of its prosecution of IPC Corp., the operation that Mr. Bandfield ran from Belize. According to prosecutors, he set up a system that allowed insiders of U.S. companies to hide substantial share positions. The scheme had more than 100 corrupt clients, who were able to secretly buy and sell shares of public companies and launder the proceeds. Those clients included West Vancouver resident Gregg Mulholland and Kelowna's Phil Kueber. Mr. Bandfield pleaded guilty to the charges on May 23, 2016, just ahead of his trial.
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