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Man freed of money laundering charges

Published:Monday | April 16, 2012 | 12:00 AM

Former National Commercial Bank (NCB) employee, Winston Henry, has been freed of charges of conspiracy to defraud and money laundering.

In June 2010, Henry was charged jointly with former treasury vice-president of First Global Bank, Rohan Rose.

It was alleged that Henry, at Rose's request, had used his email address to facilitate some money transactions.

Rose, 38, pleaded guilty in the Home Circuit Court in December 2011 to breaches of the Securities Act because he made a false statement.

Senior Puisne Judge Gloria Smith imposed a fine of $2.5 million, or three years' imprisonment. Rose paid the fine.

Former NCB systems analyst

When Henry appeared in the Corporate Area Resident Magistrate's Court last week, attorney-at-law Garth McBean informed the court that the director of public prosecutions was not proceeding with the case against him.

Henry, who was represented by Queen's Counsel Howard Hamilton, was employed to NCB as a systems analyst at the time of his arrest.

First Global Bank has sued Rose for the sum of US$7.6 million as damages for breach of fiduciary duty, negligence, breach of contract, fraud, and restitution for and by reason of unjust enrichment.

The case is pending in the Supreme Court.

Rose was dismissed from the bank in 2009 following internal investigations which led to the discovery of unauthorised trading in US treasuries resulting in losses of US$19.9 million.

barbara.gayle@gleanerjm.com