'Financial adviser' and ex-football club boss jailed

5 March 2010 4:10 pm | By Leah Milner

Frank McGrath, 59, was sentenced at Manchester Crown Court on Wednesday, after being found guilty of nine counts of concealing criminal funds for drug dealer Silvano Turchet.

McGrath, who is also an ex-Labour councillor for Fulwood in Preston, described himself as a financial adviser, taking cuts from business deals he arranged for wealthy clients and offering others help with debts, although he was not individually registered by the FSA.

McGrath used his own bank accounts to buy assets for Turchet.

Turchet owned a small aeroplane which he used to make trips to Belgium, bringing back hoards of ecstasy and cocaine.

McGrath helped Turchet to convert the cash from his drug hauls into legitimate assets, such as a house in Wrexham.

McGrath also transferred £154,000 to an Italian bank account.

He denied knowledge that Turchet’s money was being made from the drugs trade, but Judge Robert Atherton said was satisfied that by laundering £300,000 in just five months for Turchet, McGrath would have realised it was drugs money.

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