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by Mike Caswell

A New York judge has imposed a six-year jail term on former B.C. dentist Bob Bandfield for a massive offshore money laundering operation. The judge also ordered him to forfeit $1-million. (All figures are in U.S. dollars.) The sentence falls far short of the 20-year term that prosecutors had sought.

Prosecutors said that Mr. Bandfield, 72, was the architect of a money laundering operation that contributed to the manipulations of over 40 publicly traded companies. They said that he set up an offshore 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 (who received a 12-year jail term in a separate appearance earlier Monday). Mr. Bandfield pleaded guilty to the charges on May 23, 2016, just ahead of his trial.

The six-year jail term is far from the 20 years prosecutors had requested for Mr. Bandfield. Ahead of sentencing, they said that his actions clearly warranted a substantial jail term. He created an offshore structure that caused massive investor losses and had "more victims than the government can realistically count," prosecutors claimed.

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