BCSC-known Purdy talked about cocaine money on tape
2003-02-18 13:32 EST - Street Wire
by Brent Mudry
Veteran Vancouver penny stock promoter John (Jack) Purdy, set to start trial Tuesday in the first Bermuda Short money laundering trial, hopes to convince a Miami jury that he is a respectable businessman who would never discuss anything as sordid as drug money laundering. Mr. Purdy, however, apparently had few qualms talking about the cocaine business, according to a transcript of one undercover tape.
In an eery foreshadowing, Mr. Purdy even suggested that close business associate Harold Jolliffe might crack in a worst case scenario. Mr. Purdy's hunch was bang on, as Mr. Jolliffe is expected to formally plead guilty Tuesday morning and agree to rat on his associates, including the Howe Street stock promoter.
The tape, expected to be entered as evidence at trial, dates back to Feb. 21, 2002, when Mr. Purdy met with an undercover RCMP officer, an undercover FBI agent, both posing as Colombian Cali cocaine cartel figures, and a man called Michael Pizzio.
In the conversation, the undercover operatives worried aloud that Mr. Jolliffe might be the weak link in the chain, and might say the wrong thing if any curious banker, presumably in Vancouver, wondered about the source of his bags of cash. The group discussed how to handle Mr. Jolliffe and how to prepare or coach him for any such inquiries.
"Will the bank ask questions about where our money comes from?" asked the undercover RCMP officer.
"No," replied Mr. Purdy.
"And, that's where my problem came up, with, with Harold (Jolliffe) I got the impression that Harold would fold (UI) ... he really would. And that was, you know ... And, and I speak freely, you know obviously Bill's been with me for ...," states the undercover agent.
"For years," states the RCMP officer. (UI refers to unintelligible portions of taped conversations, while Bill refers to the name the RCMP officer used in the undercover operation.)
"So the bottom line is ... I told Harold, and I was very up front with Harold when I saw Harold was uncomfortable," stated the FBI agent.
"Yeah," replied Mr. Purdy.
"I said Harold, I'm in the cash business," stated the FBI agent.
"Yeah," replied the Vancouver promoter.
"It's a cocaine business, I don't care, my bottom line is Harold, if people start asking you, asking you questions, are you gonna fold like a deck of cards?" stated the FBI agent.
"Yeah," replied Mr. Purdy.
"Harold, he never answered that fucking question to come to think of it," stated the FBI agent.
"Well you, you said to him, if it's a cocaine business. Cause of course it's a cocaine business," replied Mr. Purdy.
"No, no," stated the FBI agent.
"... then that's illegal," replied Mr. Purdy.
"No, no, the bottom line ...," stated the FBI agent.
"If you said ...," replied Mr. Purdy.
"No, no," stated the FBI agent.
"... it's a gambling business ...," stated Mr. Purdy.
"Right," replied the FBI agent.
"I mean he's (Jolliffe) just worried about cash," stated Mr. Purdy.
"Right, well I told Harold, Harold ...," replied the FBI agent.
"You should have said, Harold, it is not a cocaine business ...," stated Mr. Purdy.
"Well see that's not ...," replied the FBI agent.
"... it's a gambling business," stated Mr. Purdy.
"Okay, I told Harold it is a cocaine business," replied the FBI agent.
"Well, okay you've given him the worst case scenario," stated Mr. Purdy.
"Right, and I told Harold ...," replied the FBI agent.
"Well the worst case scenario, of course he's gonna fucking fold," stated Mr. Purdy.
"Okay, well I told Harold," replied the FBI agent.
"He's a, he's a, he's a fucking, he ... the guy's a lumberman," stated Mr. Purdy.
"Okay, all right, but see ...," replied the FBI agent.
"Well how do we deal with that? How do we deal with it? Jack?" asked the undercover RCMP officer.
(Mr. Purdy's brief response was unintelligible on the tape, according to the transcript.)
"(UI) ... a person where, you know it's a cocaine business, you'd be a dummy not to think that, okay. But the bottom line is you know how to cover it," replies the FBI agent.
While this transcript excerpt might sound distressing for Mr. Purdy, the jury is expected to hear much, more more, which may either vindicate the Howe Street promoter or hang him with his own words.
bmudry@stockwatch.com |
