‘Financial adviser’ and ex-football club boss jailed

The former chief executive of Blackpool Football Club, who described himself as a “financial adviser” has been jailed for four-and-a-half years for helping to launder £300,000 for an international drug dealer.

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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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. Whoops! Enjoy, you deserve everything you’ve got coming to you,and more than likely for little reward.

  2. i hope you meet someone nice in the shower you drug dealing money laundering person. it will be nice to be able to sleep at night knowing you are Bubbas Biatch

  3. No, I think you’re wrong, anonymous, he earned a lot. He charged fees!

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