Seven people - including one Bermuda resident - were charged in the US this week with conspiracy, fraud and money laundering.

The charges are said to stem from an alleged $81 million stock manipulation scheme, according to an indictment reported on by The Associated Press in Tampa, Florida.

But, the Bermuda resident charged - Peter Leighton, 48 - spoke with The Royal Gazette this week and said the charges against him were subsequently dropped.

Mr. Leighton, who is a chartered accountant and head of CFM Limited, a Bermuda-based money management and consulting firm, said: "I was originally named, as part of the indictment, but my name has now been dropped from the indictment."

Mr. Leighton added that he now expects to be called as a witness in the case, which he said is based on accusations against an individual who owned a brokerage firm between 1993 and 1997.

The Associated Press said it was a 29-count indictment and the accused scheme was to "pump up stock, seeking to articially increase the price by manipulating the market, then dump the shares at a higher price, on their brokerage customers."

Federal prosecutors, according to The Associated Press, said those indicted were associated with the Joseph Roberts Company of Chicago and the Hamilton Shea Group of Pompano Beach, Florida.

Others charged in the indictment were; Joseph DeSanto, Joseph Salerno, John Salerno, Richard Ginsberg, Palma Desanto and Veronica Desanto.

Mr. Leighton said the action named US companies, and did not involve any Bermuda businesses.