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Compliance witness tells CHC trial he found €35m was at risk
Summary
During a Dublin Circuit Criminal Court trial, Ciara Kelleher, 51, pleaded not guilty to conspiring to defraud Custom House Capital Ltd (CHC) investors by misleading them about asset placement. The alleged offences occurred between October 2008 and July 2011. Witness Brian Cahalin, former Head of Compliance at Appian Asset Management, testified that he joined Appian in 2011 to assess CHC assets before a proposed takeover. He examined portfolios, noting unusual bond holdings and discrepancies between client valuations and daily cash reconciliations. Cahalin reported that CHC staff, including Ms Kelleher, provided reports showing sales to bonds and manipulated entries to disguise cash movements. He also described meetings where CHC executives, such as Harry Cassidy and John Whyte, admitted to selling down portfolios despite knowing it was wrong. Cahalin claimed that CHC's board raised concerns to the Central Bank, leading to the company's cessation of trading. The trial continues.
Who, what, where, when and why
What: Report matter: Compliance witness tells CHC trial he found €35m was at risk. Charges or matters: one count of conspiring with others to defraud investors in and clients and customers of Custom House Capital Ltd (CHC) 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
- July 5, 2011 Other
- December 2010 Other
- July 11, 2011 Other
- August 2008 Other
- 2023-02-02 Publication
Why: He said he met Ms Donnelly, who explained that she had been involved in a process in relation to property investments that she wasn't comfortable with. CNI source report
Case subjects
Defendant
Charges: one count of conspiring with others to defraud investors in and clients and customers of Custom House Capital Ltd (CHC) 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
Topics
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