Wealthy filth clothing company pleads guilty to laundering millions of dollars of assets

The family of wealthy Australian filth fashion designer Geneos wealth manager and founder Tony Wylie has pleaded guilty to conspiring to evade Australian tax.

Key points:Geneos chief executive Tony Wyle has been charged with money laundering and fraudThe Wylies are alleged to have laundered $1.2 million from the Australian Federal Police over a five-year periodGeneos assets are now frozen in SingaporeGeneos founder Tony has been found guilty of money launderingThe Wyle family have admitted a series of offences involving their wealth management company,Geneos Wealth Management, which they co-founded in 2006 and operated for several years.

The company is alleged to be involved in money laundering, conspiracy and embezzlement.

“We have been extremely concerned with the allegations against the Wylys and our company and its products, which have caused us substantial harm,” said Peter Dickson, chief executive of Australian Taxation Office.

“The company has been fully co-operating with the AFP’s investigation, which has found no evidence to support the allegations.”

The Wyles were found guilty at the Central Local Court in Melbourne on Tuesday.

The case was adjourned until December 15 to give prosecutors time to prepare a report on the case.

Mr Dickson said while the Wyles were “not aware of any wrongdoing” in their dealings with the Australian Tax Office, they “have no tolerance for money laundering or tax evasion”.

“We will now consider our options in the light of the findings of the investigation,” he said.

“Geneos is committed to fully cooperating fully with the investigation and the courts proceedings.”

Geneos co-founder Tony Wyles is due to stand trial on a range of charges, including conspiracy to evade tax and money laundering.

The Wyllys were alleged to face a maximum penalty of 12 years in jail.

The AFP investigation into the company has uncovered “significant financial irregularities and irregularities” involving more than $1 million in revenue.

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