A 69-year-old man has been jailed two and a half years by the District Court for money laundering.

In January last year two people overseas were persuaded by telephone to buy discount shares in two US companies. Between February and July last year one victim remitted about $2 million and the second about $320,000 into Hong Kong bank accounts held by the defendant but no share certificates were issued in return. The victims were unable to sell their shares.

Police arrested the man last January and charged him with one count of conspiracy to deal with property known or believed to represent proceeds of an indictable offence and five counts of dealing with property known or believed to represent proceeds of an indictable offence.

On October 15 the defendant pleaded guilty to the five charges while the conspiracy charge was put on file. He was sentenced today.