The Director of Public Prosecutions has decided not to bring a third trial against a financial services manager accused of taking part in an alleged conspiracy to defraud Custom House Capital investors more than a decade ago.
Two juries were unable to reach a unanimous verdict in the case of Ciara Kelleher, 53, who was then a senior portfolio manager at the company.
She was accused of conspiring with others to defraud investors, clients and customers of Custom House Capital Ltd (CHC) by deliberately misleading them about the location and manner in which their assets were held by the investment firm.
The offences are alleged to have taken place in the state between October 2008 and July 2011. Ms Kelleher, of Blackhorse Avenue, Dublin 7, has denied all charges.
The first trial took place two years ago, and the second ended a month ago.
The case was adjourned until Thursday to give the attorney general time to decide whether to hold a third trial.
When the prosecutor was summoned to Dublin Circuit Criminal Court, he advised Judge Martin Nolan of the possibility of filing a nolle prosequi, meaning the charge against Ms Kelleher would be dismissed.
State prosecutors alleged that CHC entered into agreements to purchase properties in continental Europe during the financial crisis. In 2008, CHC began using client funds to meet these obligations, often without the clients’ knowledge or consent.
The prosecution alleged that transactions on CHC's systems were reversed before estimates were provided to customers. These estimates were misleading and did not reflect the true location of customer funds.
The prosecution alleged that Ms Kelleher knew about the scheme and actively participated in defrauding CHC investors. Ms Kelleher denies all charges.
Former CHC chief executive Harry Cassidy (69), John White (55), former head of private client services, and Paul Lavery (49), former finance director, previously pleaded guilty to conspiring with others to defraud investors, clients and customers of Custom House Capital Ltd by deliberately misleading them as to the location and/or manner of holding their assets, contrary to common law.
John Mulholland (75) of The Foxes Colvert, Mount Juliet Estate, Thomastown, Co Kilkenny, a non-executive director of CHC, pleaded guilty to one charge of negligently discharging his duties as a director, causing the company to act fraudulently by entrusting customers with their money and refraining from withdrawing it with the intention of making a profit for himself and causing loss to others.
Ireland Four Custom House Capital executives jailed for involvement in fraud
Sourse: breakingnews.ie
