A Monaghan man has been handed a three year jail sentence for his part in a multi-million euro investment fraud over a decade ago
47 year old Paul Lavery with an address in Ballinode was sentenced this afternoon for his involvement. Four senior executives of Custom House Capital have been sentenced for their roles in a "highly organised" and "sophisticated" operation to defraud investors in the firm.
liquidator for Custom House Capital Kieran Wallace said €61 million in client funds were found to have been misappropriated. €41 million of this amount has been recovered.
The company's former CEO Harry Cassidy (67) was handed a sentence of six years and 10 months by Judge Orla Crowe today at Dublin Circuit Criminal Court.
Judge Crowe said victims were "systematically deceived in a sophisticated operation" which was carried out for over two years by people who owed them fiduciary duties. She said the offending was "most egregious". She handed John Whyte (53), former head of private clients, a sentence of four years.
Paul Lavery of Rafeenan, Ballinode, Co Monaghan , who was head of finance, received a sentence of three years. John Mulholland (73), non-executive director of Custom House Capital (CHC), was handed a 12-month sentence.
All four pleaded guilty to conspiring with others to defraud investors in and clients and customers of CHC by intentionally misleading them as to where and/or how their assets had been placed contrary to common law.
John Mulholland (73) of The Foxes Covert, Mount Juliet Estate, Thomastown, Co Kilkenny, pleaded guilty to one count of being neglectful in the discharge of his duty of as a non-executive director of CHC. All of the offences occurred within the State on dates between October 1, 2008 and July 15, 2011.
