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Investment firm was 'robbing Kevin to pay Klaus' during financial crash, prosecution tells trial
Summary
In a Dublin Circuit Criminal Court conspiracy trial, the State accused Custom House Capital of misusing client money during the 2008‑2011 financial crash. Prosecutor Lorcan Staines SC alleged that the firm, run by CEO Harry Cassidy, bought large European investment portfolios and diverted client funds to cover these purchases, effectively "robbing Kevin to pay Klaus." Ms Ciara Kelleher, a 51‑year‑old senior portfolio relationship manager, pleaded not guilty to one count of conspiracy to defraud investors and clients. The prosecution claimed she was involved in a scheme that misled clients about the location and use of their assets, issuing fictitious valuation statements with fabricated interest. The case presented evidence that about 80 accounts were affected and that the firm's operations exhibited classic Ponzi‑scheme characteristics. The trial, presided over by Judge Orla Crowe, is expected to last up to six weeks.
Who, what, where, when and why
What: Report matter: Investment firm was 'robbing Kevin to pay Klaus' during financial crash, prosecution tells trial. Charges or matters: one count of conspiring with Harry Cassidy, John Mulholland, John Whyte, Paul Lavery and others to defraud investors in and clients and customers of Custom House Capital (CHC) Ltd by intentionally misleading them as to where or how their assets had been placed in the investment firm. Procedural stage: trial
When:
- October 2008 Incident
- July 2011 Incident
- 2008 and 2009 Other
- 2023-01-25 Publication
Case subjects
Defendant
Charges: one count of conspiring with Harry Cassidy, John Mulholland, John Whyte, Paul Lavery and others to defraud investors in and clients and customers of Custom House Capital (CHC) Ltd by intentionally misleading them as to where or how their assets had been placed in the investment firm (Alleged Or Contested)
Plea: Not guilty
Places mentioned
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