Millionaire Tycoon Trevor Baines Sentenced for 6 Years on Charges of Fraud

69 year old millionaire Trevor Baines, who recently made it to the Sunday Times Rich List, and his 50 year old wife Wendy Nicolau de Almeida Baines, were recently convicted on the charges of laundering profits worth ?111 Million. While the husband got a sentence of 6 long years, the wife will be a prison captive for 9 months, suspended for two years.

The convicts were found guilty of fraud after a five-week long trail in October which detailed the Baines' involvement in a complicated money laundering con. Trevor denied any knowledge of the fact that the money he was helping transfer from a Swiss bank account was scam money and had been obtained via fraud.

While Trevor was convicted of two charges - money laundering and false accounting, his wife was charged with false accounting. The scam business, which involved the "pump and dump" con method (using false accounting and false market reports to inflate share values manifolds and then selling them), was run by the couple from their posh Victorian villa in Douglas, equipped with a disco, indoor swimming pool, snooker room, library, among many other facilities.

Baines was 349th on the 2008 Sunday Times Rich List. Among other things, the man has a vintage Jaguar car collection to boast of.