‘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.


Under warranty

Paul Thomas measures industry reaction as Halifax scrap its guarantor mortgage for brokers

Turn for the verse

A little while back it was Spandau Ballet, then Virgil and now we can add Philip Larkin to our ever growing list of unexpected investment commentators. I’m not 100 per cent certain the poet’s oft quoted This be the verse – the one about what your mum and dad do to you, intentionally or otherwise […]


Tories vote down auto-enrolment in protest

The Conservative Party voted against the regulations for auto-enrolment in the House of Commons yesterday in protest at the Government’s delays to implementation and news that Pada plans to sign the admin contract for the Nest scheme before the general election.


Guide: reporting to the Pensions Regulator — what and when?

Johnson Fleming has published a step-by-step guide demonstrating the importance of record keeping and reporting, and how it can ensure you operate a successful scheme. The guide takes you through some key questions you need to ask and identifies the information you need to obtain. The topics include: why you need to keep records and the benefits of doing this; registering your scheme; what information you need to record to ensure you meet the Pensions Regulator’s requirements; and what items need to be recorded and when.


News and expert analysis straight to your inbox

Sign up


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!

Leave a comment