Ciara Kelleher will not face third trial over Custom House Capital fraud allegation

This report is a localnews.ie summary based on public court reporting and records; sources are listed below.

Ciara Kelleher will not face a third trial after the Director of Public Prosecutions decided not to pursue the case against her. At Dublin Circuit Criminal Court, a prosecutor told Judge Martin Nolan that a nolle prosequi could be entered, meaning the charge was being dismissed. The proceedings were reported on 13 March 2025.

Kelleher, then a senior portfolio relationship manager at Custom House Capital Ltd (CHC), was accused of one count of conspiring with others to defraud investors, clients and customers by intentionally misleading them about where or how their assets had been placed. The alleged offence was said to have occurred in the State between October 2008 and July 2011. She denied the charge.

Two juries failed to reach a verdict. In the second trial, the jury told Judge Elva Duffy on 13 February 2025 that it could not agree after deliberating for just over eight hours. The judge adjourned the case for further prosecution directions and continued Kelleher’s bail.

The prosecution alleged that CHC used client funds to meet property purchase obligations, often without clients’ knowledge or authorisation, and that transactions were backed out of property before misleading valuations were issued. It alleged Kelleher knew of and was involved in the scheme. Her counsel said the case was circumstantial, that there was no direct evidence of an agreement to defraud, and that emails showed Kelleher seeking information from others to do her job. The prosecution also conceded that she had nothing to gain from the fraud and made no profit from it.

Former CHC chief executive Harry Cassidy, former head of private clients John Whyte and former head of finance Paul Lavery previously pleaded guilty to a related conspiracy to defraud. Non-executive director John Mulholland pleaded guilty to neglectful discharge of a director’s duty in connection with company dishonesty. At Dublin Circuit Criminal Court, Cassidy received six years and ten months, Whyte four years, Lavery three years and Mulholland 12 months.

In a later letter to Kelleher, the DPP’s office declined her request to disclose why it had dropped the case, saying it was only required to disclose such information to victims of crimes.