Courts / Dublin / Report
Pair ran €5m "Ponzi scheme" that duped forestry investors
Summary
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.
Who, what, where, when and why
What: Report matter: Pair ran €5m "Ponzi scheme" that duped forestry investors. Charges or matters: dishonestly inducing investment in Arden FM between January 1, 2014 and June 13, 2016; three charges of inducing individuals by deception to make payments on dates between September 2015 and May 2016; dishonestly inducing investment in Arden FM between January 1, 2014 and June 13, 2016 and pleaded guilty to two charges of of inducing individuals by deception to make payments on dates between September 2015 and May 2016. Procedural stage: charge_or_pretrial
When:
- January 2014 Hearing Or Sentence
- June 2016 Other
- February 2016 Other
- May 17, 2016 Hearing Or Sentence
- November 2013 Other
- January 1, 2014 Hearing Or Sentence
- June 13, 2016 Hearing Or Sentence
- September 2015 Hearing Or Sentence
- May 2016 Hearing Or Sentence
- 2019-03-19 Publication
Case subjects
Defendant
Charges: dishonestly inducing investment in Arden FM between January 1, 2014 and June 13, 2016; three charges of inducing individuals by deception to make payments on dates between September 2015 and May 2016; dishonestly inducing investment in Arden FM between January 1, 2014 and June 13, 2016 and pleaded guilty to two charges of of inducing individuals by deception to make payments on dates between September 2015 and May 2016 (Admitted)
Plea: Guilty
Outcome: Judge Melanie Greally adjourned the case to tomorrow for mention when she will set a date to hear a plea in mitigation on behalf of Hevey and Peile.
Places mentioned
Topics
Fraud Stage Charge Or Pretrial
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