Courts / Dublin / Report
Liquidator wants men who ran 'meticulously executed fraud' to be made liable for €3.8m debt
Summary
The liquidator of Arden Forestry Management Ltd, a company accused of operating as a Ponzi scheme, seeks to hold two former directors, David Peile and Garret Hevey, personally liable for the firm's €3.8 million debt. Mr Declan De Lacy, appointed liquidator in 2016, argues that the directors deceived mainly older foreign investors by promising that their money would buy forest land and later yield returns. In reality, the company spent only €133 000 on land and returned €393 000 to investors, while the bulk of the €6.4 million raised was misappropriated. Hevey was sentenced to six years' imprisonment after an appeal, and Peile to three years. De Lacy's application, presented to Mr Justice Brian O'Moore, requests High Court orders declaring the directors' intent to defraud creditors and making them personally liable for the debt. The case will return next week.
Who, what, where, when and why
What: Report matter: Liquidator wants men who ran 'meticulously executed fraud' to be made liable for €3.8m debt. Charges or matters: deception; fraud. Procedural stage: sentence
When:
- 2022-10-27 Publication
Why: The court also heard that Peile claims the orders sought against him cannot be granted because he was adjudicated a bankrupt in the UK in 2019. CNI source report
Case subjects
Applicant
Charges: deception; fraud (Alleged Or Contested)
Outcome: Peile was jailed for a total of three years.; adjournment
Applicant
Charges: deception; fraud (Alleged Or Contested)
Outcome: Hevey was sentenced to a total of four years imprisonment, which was increased to six years following an appeal by the DPP.
Places mentioned
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