An associate member of America's most powerful Mafia family has admitted using an Isle of Man company to commit more than ?1 million worth of share fraud.
Forty-eight year-old Frank Schwamborn, of Farmingdale, New York, has ties to the Genovese organised crime family.
This week, he admitted transferring shares to a number of companies which he had taken control of with cash made from selling cocaine.
He then resold the shares, netting $2.1 million.
Press reports in the United States say Burdette Ltd was one of a number of companies involved in the securities scam.
Companies House records show the firm was registered as a foreign company in Ireland in 1997 and lists its place of business as Derby Square in Douglas. It was dissolved in 1999.
Schwamborn has been in jail awaiting the trial because he had threatened federal agents, police officers, prosecutors and witnesses.
His circle of friends was described during the trial as a collection of thieves, drug dealers, prostitutes, 'leg breakers', and stockbrokers.
He faces up to 25 years in prison when he is sentenced, as well as five years supervised release and a $250,000 fine.
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