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Financial adviser admits laundering £250,000 bank raid cash

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Ted Cunningham leaving court

Ted Cunningham leaving court

Ted Cunningham leaving court

A financial adviser has pleaded guilty to laundering more than £250,000 of the proceeds of a Northern Bank robbery 10 years ago.

Timothy "Ted" Cunningham (65) of Farran, Co Cork, admitted two counts of money-laundering arising out of the £26.5m Northern Bank robbery at Cork Circuit Criminal Court.

The first offence occurred on or about January 15, 2005, at Tullamore, Co Offaly, and involved the transfer of £100,040 in sterling by Cunningham to John Douglas.

The second offence took place on or about February 7, 2005, at Ballincollig, Co Cork, and involved the transfer by Cunningham of £175,360 in sterling to John Sheehan and obtaining three cheques to a total value of €200,000.

The charges state that Cunningham was reckless as to whether the money represented the proceeds of criminal conduct, namely a robbery at the Northern Bank Cash Centre, Donegall Square West, Belfast, on December 20, 2004.

Cunningham had gone on trial last Thursday charged with nine counts of money laundering.

He had denied all charges, which involved sums totally approximately £600,000.

The financial adviser was yesterday re-arraigned on two of the charges, before a jury of seven men and five women, to which he pleaded guilty.

Counsel for the State Tom O'Connell (SC) said that was acceptable to the State.

Judge Sean O Donnabhain discharged the jury. He remanded Cunningham on bail and adjourned the matter for sentencing to February 27.

Irish Independent