Courts / Dublin / Report

Irish bullion company a 'Ponzi scheme' with no stock, High Court told

Summary

The High Court heard that Irish Gold and Silver Bullion Ltd (IGSB) operated as a Ponzi scheme, defrauding customers who believed they were buying gold and silver. Liquidator Myles Kirby, appointed after the company's winding‑up, alleged that director and sole shareholder Nicholas Wickham misappropriated customer funds for personal benefit, failed to keep proper records, and made false representations about repayment. Kirby claimed no metal stock existed, that certificates issued were fabricated, and that customers' money was paid to earlier investors or third parties. He identified €1.03 million owed to creditors and secured a temporary freezing order against Wickham and a UK company he controls, preventing the disposal of assets valued at just over €1.03 million. The court ordered a media embargo until 00.01 on 27 July and allowed the defendants to apply to vary the order. The case remains at the freezing‑order stage.

Who, what, where, when and why

What: Report matter: Irish bullion company a 'Ponzi scheme' with no stock, High Court told. Procedural stage: hearing_or_decision

When:

• May 2019 Hearing Or Sentence
• June 2001 Hearing Or Sentence
• June 2021 Other
• Wednesday July 27th Other
• 2022-07-26 Publication

Places mentioned

Topics

Stage Hearing Or Decision

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Read the original CNI report