LAWFUEL – The Legal Newswire – A convicted money launderer was today ordered to pay more than £300,000 following a confiscation order at Southwark Crown Court.
Terry Anthony Ryan (DoB: 17/2/78 – 29 yrs) self employed of Lechmere Approach, Woodford Green Essex was found guilty on 29 September at Southwark Crown Court of 4 counts of possession of criminal property and 4 counts of concealing or disguising criminal property, both under the Proceeds of Crime Act 2002.
He has six months to repay the £300,213.77p, after he was adjudged to have benefited by more than £840,000 through criminality. The payment is based on available assets he has remaining.
If he is unable to pay within six months he has to serve an additional three and a half years on top of his original five-year sentence.
Ryan was originally arrested on 5/9/03 in Hackney on suspicion of money laundering offences. A three-year investigation revealed that Ryan had laundered the proceeds of money gained through Class A drug supply by others. He did this by purchasing numerous properties and high value sports cars, including a Mercedes and a Porsche 911. The court heard that the assets were the proceeds of illegal drug supply.
DC David Baker from Specialist Crime Directorate the who led the investigation, said:
“Ryan has showed no remorse for his crimes. He lived a flamboyant and extravagant lifestyle with a penchant for fast cars, all fuelled by his heavy involvement in a network that supplied heroin, which he tried to conceal. Cash seized by officers, totalling over £14,000, was found to be heavily contaminated with the drug.”