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Transfers made from client accounts to make payment shortfalls, Custom House Capital trial hears
Summary
During the trial of Ciara Kelleher, a jury heard that Custom House Capital (CHC) made unauthorised transfers from client accounts to cover a €11.7 million shortfall in a €100 million German property investment. Ms. Angela Mahon, a former CHC operations head, testified that CHC's CEO, Harry Cassidy, had used client funds for other property projects and that transfers from PRSA accounts in 2007 were made without client authorisation. Mahon claimed she raised concerns with senior staff, was dismissed, and later reported the matter to the financial regulator. The evidence also involved emails and documents showing that CHC and its affiliated European Pensioner Trustee Company (EPT) had shared client information and that Mr. Mulholland used pension funds to influence client decisions. The case focuses on the alleged conspiracy to defraud investors by misrepresenting the use of their assets. Ciara Kelleher pleaded not guilty. Custom House Capital pleaded not guilty.
Who, what, where, when and why
What: Report matter: Transfers made from client accounts to make payment shortfalls, Custom House Capital trial hears. Charges or matters: one count of conspiring with others to defraud investors, 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
- November 2007 Incident
- October 31, 2008 Hearing Or Sentence
- October 31 Other
- November 5 Other
- January 2009 Other
- August 2008 Other
- September 2008 Other
- March 5, 2010 Other
- 2007 and 2008 Other
- 2023-01-27 Publication
Case subjects
Defendant
Charges: one count of conspiring with others to defraud investors, 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
Defendant
Charges: one count of conspiring with others to defraud investors, 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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