2016-07-29
Jail for Dublin man who stole €178k through pyramid scheme
Stage: Sentence
Finding: Found guilty
Outcome: Found guilty; His 12 investors gave him sums of between €3,000 and €70,000. "Each gave evidence to say they found him competent and persuasive," prosecuting barrister Shane Costelloe SC told Shield's sentence hearing today. "He said he had contacts in the repossessing car business, that he was going to buy repossessed cars with the capital supplied by the investors and would flip these cars as soon as possible, providing them with a 100 per cent return in 60 days." However, Shield's name was not on the register for the financial institution that dealt with selling repossessed cars, Mr Costelloe said. She handed down a four-year sentence and said €20,000 that was left in Shield's account would be divided amongst his victims.