Financial advisor and money lender Ted Cunningham has been convicted of 10 counts of laundering more than £3 million from the Northern Bank robbery in Belfast.
60-year-old Ted Cunningham of Woodbine Lodge, Farran in Co Cork was found guilty at Circuit Criminal Court in Cork this afternoon.
The laundering investigation, which followed the theft of £26.5m from the Northern Bank cash centre in 2004, was the biggest ever undertaken by gardaí into such activities by the IRA.
On 17 February 2005, £2.3 million was seized from a locked cupboard in the basement of Cunningham's home at Farran.
He was arrested and questioned by detectives for two days at the Bridewell Garda station in Cork.
Initially he claimed the money had come from Bulgarian businessmen who were buying a gravel pit from him.
However, later he admitted that this was a cover, and that he knew the money had come from the Northern Bank robbery.
He also claimed that he was part of an operation to launder the cash in which the former chairman of Bank of Scotland Ireland Phil Flynn was the boss.
At his trial more than four years on, Cunningham reverted to the story about the Bulgarians but the facts did not stack up and the jury did not believe him.
Following four hours and 40 minutes of deliberation, the jury of seven men and five women found Cunningham guilty on all 10 counts by majority verdicts.
Cunningham will be sentenced on 24 April.
