Pair ran €5m "Ponzi scheme" that duped forestry investors

Two Dublin men pleaded guilty at Dublin Circuit Criminal Court to charges relating to a fraudulent forestry investment scheme. Between January 2014 and mid-2016, Garret Hevey and David Peile induced approximately 143 foreign investors to deposit roughly €5.5 million into Arden Forestry Management. Detective Inspector Catharina Gunne told the court the investments would have required around 858 acres of land, but the company owned only 30.2 acres. Investors were promised returns based on government grants and forest harvesting, though the company was ineligible for grants as its trees exceeded the twenty-year age limit. One investor visited a forest site in Frenchpark, County Roscommon, but was prevented from accessing the land registry to verify ownership. Hevey, of Shankill, Dublin, and Peile, of Ballyguile, Wicklow, both pleaded guilty to dishonestly inducing investment and deception charges. Approximately €1.98 million remained in the company account when gardaí froze it, with €1.5 million having been transferred to a Dubai account. Judge Melanie Greally remanded both men on bail pending sentencing submissions.