Custom House Capital execs jailed over €61m investor fraud conspiracy

Four senior executives of investment firm Custom House Capital have been sentenced at Dublin Circuit Criminal Court following their convictions in a fraud conspiracy that affected over three thousand investors. Harry Cassidy, the former chief executive, received a sentence of six years and ten months, while John Whyte, former head of private clients, was jailed for four years. Paul Lavery, head of finance and based in County Monaghan, received three years, and non-executive director John Mulholland was sentenced to twelve months. The defendants pleaded guilty to their involvement in a scheme operating between 2008 and 2011, during which approximately €61 million in client funds were misappropriated through European property investments. Judge Orla Crowe described the operation as highly organised and sophisticated, noting victims were systematically deceived over two years by individuals owing them fiduciary duties. To date, €41 million of the misappropriated funds have been recovered, with clients receiving €39 million. The liquidation process is expected to continue until 2025.