Money manager switches laundering plea to guilty

Cayman money manager Eric St-Cyr now admits he’s guilty of attempting to launder money. Documents from the US courts outline Mr. St-Cyr’s sudden switch from not-guilty to guilty.

The Managing Director of Clover Asset Management was arrested with two other men – his employee Joshua Vandyk and his Turks and Caicos-based lawyer Patrick Poulin. Mr. Vandyk changed his plea guilty nearly two weeks ago.

In his plea agreement, Mr. St-Cyr admits he invested US$200,000 on behalf of American undercover agents posing as a wealthy American and a financial planner. It’s alleged that money was wired to the Cayman Islands via TCI with the aide of Mr. Poulin.

Prosecutors say by creating layers of transactions, US clients could launder criminal proceeds and hide money from the IRS.

The plea agreement and indictment outline the terms Mr. St-Cyr will follow for changing his plea to guilty. He’s looking at a maximum of five years in prison and a fine up to $250,000.

He’ll also be considered for three years of supervised release, but a violation of the terms could land him back in prison.