Man laundered stolen Northern Bank cash

Man laundered stolen Northern Bank cash

A financial advisor from Co Cork has dramatically changed his plea to guilty on the fourth day of his trial for money laundering arising out of the £26.5m Northern Bank robbery.

The bank heist took place in Belfast city centre in December 2004.Timothy 'Ted' Cunningham, 65 and from Farran, had denied nine counts of money laundering sums totalling just over £605k when he was arraigned last Thursday.However, on Tuesday morning at Cork Circuit Criminal Court, Cunningham indicated that he wanted to plead guilty to some of the charges.He pleaded guilty to a charge of money laundering over £100k on 15 January 2005 by transferring it to John Douglas in Tullamore, Co Offaly.He also pleaded guilty to money laundering £175,360 on 7 February 2005 by transferring it to John Sheehan in Ballincollig, Co Cork, and to receiving three cheques totalling €200k.Judge Sean Ó Donnabhain granted the defence application to adjourn sentencing.Cunningham was released on bail to appear again at Cork Circuit Criminal Court on 27 February for sentencing.


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