Two Cayman Islands residents and a Turks and Caicos Islands (TCI) attorney have now pleaded guilty to money laundering charges under an indictment unsealed in the US District Court for the Eastern District of Virginia in March.
Joshua Vandyk, a US citizen, and Eric St-Cyr and Patrick Poulin, Canadian citizens, have each pleaded guilty to conspiring to launder monetary instruments, the Justice Department and Internal Revenue Service (IRS) announced on Friday.
Poulin, 41, pleaded guilty on Friday, Vandyk, 34, pleaded guilty on June 12, and St-Cyr, 50, pleaded guilty on June 27.
According to the plea agreements and statements of facts, Vandyk, St-Cyr, and Poulin conspired to conceal and disguise the nature, location, source, ownership, and control of property believed to be the proceeds of bank fraud, specifically $2 million. Vandyk, St-Cyr, and Poulin assisted undercover law enforcement agents posing as US clients in laundering purported criminal proceeds through an offshore structure designed to conceal the true identity of the proceeds’ owners. Vandyk and St-Cyr invested the laundered funds on the clients’ behalf and represented that the funds would not be reported to the US government.