Three men have admitted using Cayman Islands-based investment accounts to launder – and to conceal from U.S. tax authorities – funds they believed were the proceeds of bank fraud, federal prosecutors and tax officials said on Friday. But the men – U.S. citizen Joshua Vandyk and Eric St-Cyr and Patrick Poulin, both Canadian citizens – did not know that their client, a self-proclaimed bank fraudster, was in fact an undercover federal investigator, U.S. officials said. According to court documents, Vandyk and St-Cyr worked for a Caymans investment firm St-Cyr headed and Poulin was an attorney at a Turks and Caicos law firm with a clientele that included U.S. citizens. The men were indicted by an Alexandria, Virginia grand jury on March 6, and were arrested in Miami six days later. Vandyk pled guilty to conspiring to launder monetary instruments upon his arrest, St-Cyr pled on June 27 and Poulin did so on Friday, the Department of Justice and the Internal Revenue Service said in announcing
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