SNARED BY THE FBI

BEAUFORT Securities was wound down after staff were charged with orchestrating a money-laundering fraud worth around £40m.

A broker was charged with a so called ‘pump-anddump’ scheme trading in smaller companies.

Staff were caught during an undercover operation, where they were alleged to have discussed, with an FBI agent, the manipulation of shares.

Money was also alleged to have been attempted to be laundered through a London art dealer in exchange for the sale of Picasso paintings.