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Green + Greed = The Dark Side

March 6, 2018

Early this month, news broke of a multi-count indictment over a $50 million international securities fraud and money laundering scheme.  Based on a release from the New York Department of Justice, six individuals and four brokerage/management corporations are involved … among them are Panayiotis Kyriacou, Arvinsingh Canaye, Adrian Baron, Linda Bullock, Aristos Aristodemou, Beaufort Securities Ltd., Loyal Bank Ltd. and Matthew Green (the London based art dealer).

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Indictment

According to the press release: the defendants engaged in an elaborate multi-year scheme [starting as early as 2011] to defraud the investing public of millions of dollars through deceit and manipulative stock trading, and then worked to launder the fraudulent proceeds through off-shore bank accounts and the art world.  It goes on to report that between October 2017 and February 2018, Kyriacou; Aristodemou, the uncle of Kyriacou; and Green, the owner of an art gallery in London, United Kingdom, together with their co-conspirators, agreed to launder £6.7 million, the equivalent of over $9 million dollars, which the Undercover Agent represented to be the proceeds of securities fraud.  After initially proposing the use of real estate investments to launder the funds, the co-conspirators devised a scheme to “clean up the money” through the purchase and subsequent sale of art … a 1965 Pablo Picasso painting titled Personnages.  Of course, the charges in the indictment are merely allegations, and the defendants are presumed innocent unless and until proven guilty.

Source: Six Individuals And Four Corporate Defendants Indicted In $50 Million International Securities Fraud And Money Laundering Schemes

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