Published online at 26/02/2011 07:05:00

http://www.manxradio.com/newsread.aspx?id=50458

A senior police officer says the sentencing of Isle of Man business tycoon Trevor Baines and his wife shows money laundering will not be tolerated on the Island.

Baines, 71, was yesterday (Friday) jailed for two and a half years for stealing nearly ￡1 million from a trust fund, while his wife Wendy was jailed for 18 months for stealing ￡400,000.

The convictions stem back to the Baineses' high profile money laundering trial in 2009 when Trevor Baines was jailed for six years.

Detective Sergeant Lynne Skelly of the Financial Crime Unit says the sentencing is a clear warning.

Island advocate Jenny Holt, who was convicted on one count of money-laundering and two of creating false records, received a 12-months prison sentence, suspended for two years.

Her legal team have already confirmed they are appealing the conviction.