Cunningham remanded in custody
A Cork financial adviser who was found guilty today of laundering cash from the £26.5m (€28.5m) Northern Bank robbery was remanded in custody pending sentencing on April 24.
Ted Cunningham, from Farran, Co Cork, was today found to have handled more than £3m (€3.3m) in stolen bank notes in the two months after the audacious December 2004 robbery that has been blamed on the IRA.
The 60-year-old, who ran money-lending and investment firm Chesterton Finance, was found guilty of 10 charges linked to the dirty money racket by a jury at Cork Circuit Criminal Court.
Following the verdict, Judge Cornelius Murphy called the parties back into the courtroom and remanded Cunningham in custody.
“I will remand him in custody for two reasons,” said the judge.
“The seriousness of the charges and the course of the case.”
The formerly well-respected businessman held back tears as he hugged his partner and family
members, including his son Timothy Cunningham Jnr, who it emerged today had earlier pleaded guilty to money-laundering.
He also made a quick telephone call and shook hands with his barristers and gardaí working in the court, thanking them for their work, before he was led away by prison officers.
Both he and his son – who remains on bail – will be sentenced on Friday, April 24.
Cunningham's firm, Chesterton Finance, was an unregulated money lending service which charged cash poor but asset rich clients up to 25% interest on loans. It also offered investors 10% interest.
He resigned as director during the probe and the firm is currently awaiting a decision on its application for an Irish retail banking licence.
Businessman Phil Flynn, who remains involved with the company, said only: “I’m surprised at the conviction.”
Among the charges of which Cunningham was found guilty were three separate counts that he bought three cars with the stolen cash.
The charge sheet stated that the vehicles were being driven by former Sinn Féin councillor Tom Hanlon, Phil Flynn’s sister Catherine Clifford, and consultant Catherine Nelson - named in court as Mr Flynn’s associate – when recovered by gardaí.
The £26.5m (€28.5m) had been stolen in the notorious bank robbery by a gang who kidnapped assistant manager Kevin McMullan and his wife Kyran, taking her to an undisclosed location while he was forced to steal the money.
The Cunninghams are the only people to have been convicted in relation to the heist.
Northern Bank worker Chris Ward – who was wrongly labelled the “inside man” by police – was acquitted last October when the prosecution dramatically dropped its case.
It is estimated the 45-day trial in Cork – which heard from 77 witnesses, including key investigators, Northern Bank staff, and Cunningham – has cost the State up to €1m.
Each day the £2.3m ($2.47m) recovered from Cunningham’s home was wheeled into the courthouse under heavy security in steel and aluminium cases.
It took 10-15 minutes for officers to load the haul in and out of vans.
