FX news: Young and Mudden acquitted
After seven weeks in the dock, ex-Tullet broker Roy Young was acquitted by the jury at Southwark Crown Court on all seven charges of money laundering (Ex-Tullet broker in court) on Tuesday this week.
Young was accused of using his own FX business to run VAT scams for over 100 fraudulent customers between 2004 and 2006, estimated at £200 million worth of transactions.
Young, who had been a dollar mark broker and director at Tullets from 1988 to 1997 and then again in 2002, went on to set up his own FX business in 2004 called World Wide Currencies.
Throughout the trial, Young insisted he had no idea that criminals were using WWC.
Chief compliance officer, Anthony Mudden, has also been acquitted of money laundering.