A 65-year-old financial advisor has dramatically changed his plea to guilty on the fourth day of his trial for money laundering arising out of the £26.5 million stg Northern Bank robbery.
Ted Cunningham, of Woodbine Lodge, Farran, Co Cork had denied a total of nine counts of money laundering sums totalling just over £605,000 when he was arraigned last Thursday.
But this morning on the fourth day of his trial on the nine charges at Cork Circuit Criminal Court, Cunningham indicated that he wanted to plead guilty to some of the offences.
He was re-arraigned on two of the charges and on pleaded guilty to those, prosecution counsel, Tom O’Connell said those pleas were acceptable to the DPP.
Today, Cunningham pleaded guilty to money laundering £100,040 stg on January 15th 2005 by transferring it to John Douglas in Tullamore, Co Offaly.
He also pleaded guilty to money laundering £175,360 on February 7th 2005 by transferring it to John Sheehan in Ballincollig, Co Cork and receiving three cheques totalling €200,000.
The charges state that Cunningham committed money laundering on both occasions while being reckless regarding the monies involved being the proceeds of a crime, the Northern Bank raid.
Some £26.5 million pounds stg was taken in the raid which happened when a gang held up the Northern Bank Cash Centre on Donegall Square West in Belfast on December 20th 2004.
Defence counsel, Hugh Hartnett asked to adjourn sentencing and Mr O'Connell said the state had no objection to an adjournment and Cunningham being remanded on bail.
Judge Seán Ó Donnabháin granted the defence application and remanded Cunningham on bail for sentence at Cork Circuit Criminal Court on February 27th.
