A Turks and Caicos news
report is now shedding more light on what U.S. authorities are calling a covert plan, one that has now put Eric St-Cyr behind bars, alongside another Canadian, a lawyer in the British territory, as well as an American.
According to the indictment, U.S. undercover agents posed as wealthy Americans and a financial planner to meet with St-Cyr and one other in March 2013.
Ostensibly, they were seeking to move the proceeds of a crime out of the U.S.
St-Cyr and his partner are alleged to have acquiesced to the request, bringing in the third accused as part of an elaborate plan, part of which took place in Quebec.
Authorites allege one of the accused met with the undercover agents in that province last September, using that meeting to obtain as much as $2 million.
Ultimately $200,000 was wired to St.-Cyr’s firm in the TCI, allege U.S. authorities. He then played a role in investing and managing the money on behalf of the two undercover agents
Those allegations haven’t been proven in court.
The Turks offshore authority is now actively defending itself against concerns it routinely fails to clamp down on the kind of money laundering that continues to taint the reputation of offshore jurisdictions and the large number of Canadian wealth professionals.
"Supervision of compliance with international anti-money laundering and terrorist financing is given high priority by the commission,” reads a release from the TCI Financial Services Commission.
Canadian man fined $2.2 million
Montreal fraudster freed from prison
Nova Scotia fraudster faces another lawsuit
Fraudster, who fled to Canada, jailed for 17.5 years