Drug 'banker' banned from finance

Monday 15 October 2018

A convicted 'banker' of funds from a major drug trafficking operation has been forbidden from working in finance upon his release from prison.

Former finance worker Antonio Miguel Spinola was put behind bars for three years and nine months by Royal Court Commissioner Julian Clyde-Smith in May last year following an investigation by Customs Officers.

But now the Jersey Financial Services Commission (JFSC) has handed him a further punishment: a ban from holding any position in the industry to minimise risk to the public and protect Jersey’s reputation.

Customs and Immigration officers first became suspicious that Spinola had been involved in the trafficking of cannabis and money laundering alongside Darryn Rae back in 2016.

The pair was found to have met in Jersey on two occasions, after which Rae was spotted depositing a total of £14,200 into two bank accounts.

Pictured: Spinola was sentenced in the Royal Court last year for his part in a cannabis trafficking operation.

Police caught and arrested them in Spinola’s car during a third meeting, finding a bag with £8,000 cash in the vehicle’s footwell. 

The arrests led to a search of Spinola’s flat, uncovering bars of cannabis resin with a street value of up to £44,000, 19 MDMA tablets, and £65,205 in cash hidden in a suitcase and safe. 

Spinola admitted collecting and keeping cash from people on Rae’s behalf, stating that he had turned “a blind eye” to the source of the money, which was confiscated in a separate hearing in October.

His actions led to a custodial sentence from the Commissioner, who concluded that “the roles played by Rae and Spinola would have provided support, assistance and encouragement to criminal activities.” 

“There would not be drug traffickers without money launderers,” he said. 

Following the latest move from the JFSC, Spinola will only be able to work in finance again upon his release if he gets specific permission from the JFSC. 

If not, the 36-year-old – or anyone who knowingly employs him in such a role – will be guilty of an offence.

A statement published by the regulator last week read: “This action supports the JFSC’s objectives of reducing the risk to the public of financial loss and protecting and enhancing the reputation and integrity of Jersey in commercial and financial matters."

Lead photo: Spinola was given the ban by the JFSC last week.