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Business manager jailed for stealing from 'pyramid scheme' investors

Summary

In a Dublin Circuit Criminal Court hearing, Donal Hayes, a 64‑year‑old former business manager of an insolvent investment company, was sentenced to three years' imprisonment for theft and inducing investors to invest under false premises. Hayes claimed he was unaware the company operated as a pyramid scheme, yet he persuaded investors to give him money for a "rescue fund" that would secure their initial investment. Instead, he transferred the money to his own company account and invested it in apartments in Bulgaria and a hotel in Brazil, taking €550,000 for these purchases. When the company liquidator discovered the misuse, Hayes sold the properties and returned most of the money, leaving the company a loss of €65,000. Investors suffered a combined loss of €101,000. Hayes pleaded guilty to three counts of theft and one count of inducing investment under false premises between 2008 and 2011.

Who, what, where, when and why

What: Report matter: Business manager jailed for stealing from 'pyramid scheme' investors. Charges or matters: three counts of theft and one count of inducing a person to invest money under false premises on dates between 2008 and 2011. Procedural stage: hearing_or_decision

When:

• 2008 and 2011 Incident
• 2022-11-04 Publication

Case subjects

Places mentioned

Topics

Stage Hearing Or Decision Theft

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Read the original CNI report