Forestry scheme fraudsters jailed

Two men were jailed at Dublin Circuit Criminal Court on 29 July 2019 following their convictions for defrauding over 140 foreign investors of approximately €5.5 million through Arden Forestry Management between January 2014 and mid-2016. Garret Hevey, described by the court as the scheme's architect, pleaded guilty to dishonestly inducing investment and making deceptive payment requests. David Peile, who joined the company in 2015, entered similar guilty pleas. The fraud involved misrepresenting forestry investment opportunities, with investors led to believe their funds would purchase land generating returns through government grants and forest harvesting. In reality, the company owned only 30 acres when investigated, insufficient to service the claimed 858 acres of investor holdings. Judge Melanie Greally characterised the offence as calculated fraud, noting significant harm to victims, many of whom had invested for their children. Hevey received five years imprisonment with the final year suspended, while Peile was sentenced to four years with one year suspended. The court heard that €1.98 million remained in company accounts when frozen by gardaí.