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The general manager of an offshore company connected with Beaufort Securities has pleaded guilty in the United States to a money-laundering conspiracy and a second defendant has been extradited from Hungary as the net appears to be tightening five months after the collapse of the City stockbroker.

Arvinsingh “Vinesh” Canaye, a Mauritian citizen who ran Beaufort Management from the Indian Ocean island, was one of six individual defendants named in a US indictment issued in March....

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