Roy Young, a former FX broker and director at Tullet and Tokyo, is in the docks at Southwark Crown Court on seven counts of money laundering.
Over the last three weeks the court has heard allegations that 46-year-old Young used his own FX company World Wide Currencies Ltd as part of a missing trader or ‘carousel’ scam for over 100 fraudulent customers between 2004 and 2006. The value of the fraudulent transactions is estimated at £200 million.
The fraudulent companies reclaimed millions of pounds in VAT, using Young and WWC to wire the money to overseas bank accounts, it is claimed.
When theweeklyFiX popped into court today, Young appeared tired and withdrawn as he listened to a former WWC FX trader give evidence. The prosecution, with the help of a forensic accountant, went through pages and pages of data, accounts, statements and MSN Messenger conversations to establish how and when Young is said to have pulled off the scams.
WWC’s former compliance officer, Anthony Munden, is also on trial for two counts of money laundering. The prosecution allege that Munden turned a blind eye to Young’s criminal activities.
Both Young and Munden deny all counts of money laundering.