Man charged with money-laundering in Cork

A financial adviser appeared in court in Cork today facing ten money laundering charges linked to the £26

A financial adviser appeared in court in Cork today facing ten money laundering charges linked to the £26.5 million Northern Bank robbery.

Timothy 'Ted' Cunningham was charged at Cork District Court with having more than £3.5 million worth of sterling and euro cash and cheques from the robbery in Belfast, in December 2004.

The 59-year-old money lender, known as Ted, from Farran in Co Cork was charged with trying to launder the money by disposing of it through friends and business associates.

Mr Cunningham was arrested in February 2005 and questioned for two days after detectives running Operation Phoenix raided his home.

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He was arrested at his home in Church View, Farran, this morning and taken to a Garda station in Cork city before the court appearance. The court was told he made no reply when the charges were put to him.

The 10 charges he faces include possession of £3.01 million from the Northern Bank robbery, a cheque for €56,000 from the heist, which he gave to his son, Timothy Junior, and two cheques worth €144,000, also from the bank job, which he lodged to a bank account in Co Wicklow.

The court was told he gave two cars, both bought with money from the heist, to former Sinn Féin election candidate Tom Hanlon and Belfast financial consultant Catherine Nelson.

Both Ms Nelson and Mr Hanlon were arrested during the Operation Phoenix investigation but were released without charge and have consistently denied any wrongdoing.

Mr Cunningham was ordered to put up a €400,000 bond for bail, which included the deeds of his home, told to sign on at a garda station in Cork three times a week, surrender his passport and stay in Ireland.

Another man arrested this morning, Don Blaney, was charged with the possession of 220 rounds of ammunition.

Mr Blaney (50), from Old Church Road, Passage West, Co Cork, was bailed on firearms charges linked to the investigation.

Gardai raided Mr Blaney's home in February 2005 following a tip-off that a man was allegedly burning cash in the back yard.

The court was told he replied "definitely not guilty" when the charge was put to him.