A financial advisor jailed for ten years for laundering over £3 million stolen in the Northern Bank raid is to pay over €340,000 to the State, a court heard today.
Ted Cunningham (60) of Woodbine Lodge, Farran, Co Cork was convicted last April by a jury on majority verdicts of all ten counts of money laundering arising from the Belfast robbery.
Last month the Director of Public Prosecutions served a statement on Cunningham that he had financially benefited from his criminal activities and challenged him to either admit the allegation or defend against it.
Today at Cork Circuit Criminal Court, prosecution counsel Majorie Farrelly SC said t Cunningham had consented to an order for €343,520 to be confiscated by the State.
Cunningham's counsel Jim O'Mahony SC said that his client was accepting the statement by the DPP but his consent was not admissible in any criminal proceedings.
Judge Con Murphy affirmed the order against Cunningham.
