November 23, 2010 - 10:39AM

http://news.smh.com.au/breaking-news-national/milne-found-guilty-of-money-laundering-20101123-184p4.html

Sydney businessman Michael John Milne has been found guilty of dealing with the proceeds of crime and dishonestly obtaining a financial gain.

After the NSW Supreme Court jury delivered its verdicts on Friday, Justice Peter Johnson agreed to continue Milne's bail but imposed more stringent conditions.

The 54-year-old, from Neutral Bay, was found guilty of dealing, between April 2004 and September 2005, with a parcel of shares valued at more than $1 million, knowing it would become the instrument of crime.

Advertisement: Story continues below He also was found guilty of intending to obtain a financial advantage from the Commonwealth in November 2006 by he lodging a tax return containing false information, stating incorrectly that the net capital gain from the sale of shares in Admerex Ltd was $4597.

The charges related to his company Barat Advisory Pty Ltd and flowed from the Project Wickenby tax fraud investigation.

Justice Johnson said a full time custodial sentence was "almost inevitable, if not inevitable".

Milne's previous bail conditions included surrendering his passport and his wife agreeing to forfeit $5 million, without security, if he did not comply with his bail.

Justice Johnson imposed new conditions on Friday that he report to Mosman police station daily and that a person agree to forfeit $100,000, with security, if he did not comply with his bail.

Milne's lawyer told the judge Sydney businessman John Hemmes would provide a bank cheque for this amount.

Sentencing submissions will be heard on December 2.