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by Mike Caswell

Bob Bandfield, the man accused of running a massive offshore money laundering scheme that includes many Canadians, has pleaded guilty just ahead of his trial. Mr. Bandfield, 71, entered the plea in an appearance on Monday, May 23, before New York Judge Leo Glasser. The judge set his sentencing for Sept. 1, 2016.

Prosecutors claim that Mr. Bandfield was the architect of a money laundering operation that facilitated the manipulations of over 40 publicly traded companies. Operating from Belize, he helped launder over $250-million in proceeds from those manipulations. (All figures are in U.S. dollars.) He moved the money through untraceable debit cards and lawyer escrow accounts, the government says.

Mr. Bandfield's guilty plea comes three weeks after one of his co-accused, West Vancouver resident Gregg Mulholland, pleaded guilty as well. Mr. Mulholland admitted that he ran a Panamanian brokerage that was part of the scheme. The firm participated in a number of manipulations. They included that of Cynk Technology Corp., a pink sheets listing that was briefly worth $4.5-billion in 2014. Also previously pleading guilty in the case was Kelowna's Phil Kueber, who admitted to aiding the Cynk manipulation.

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