Courts / Dublin / Report
CHC investor fraud did more damage to woman's life than WW2, court hears as 197 victims give statements
Summary
At Dublin Circuit Criminal Court, Judge Orla Crowe adjourned the sentencing of four men until May 12, remanding them on the same terms. The defendants, former CHC CEO Harry Cassidy, John Whyte, Paul Lavery, and John Mulholland, pleaded guilty to charges including conspiring to defraud investors and clients of Custom House Capital Ltd (CHC) by misleading them regarding asset placement between October 2008 and July 2011. Mulholland also admitted to neglecting his duties as a non-executive director. The court reviewed 197 victim impact statements detailing severe financial and emotional losses. While the judge indicated a need to review extensive material before finalising the case, the matter was adjourned rather than concluded. Cassidy is disqualified as a director for 15 years, while Whyte faces a 10-year disqualification. A fifth defendant, Ciara Kelleher, pleaded not guilty to conspiracy charges, with her case status remaining contested. The liquidation process has recovered €41 million of the €61 million in misappropriated funds.
Who, what, where, when and why
What: Report matter: CHC investor fraud did more damage to woman's life than WW2, court hears as 197 victims give statements. Charges or matters: conspiring with others to defraud investors in and clients and customers of Custom House Capital Ltd (CHC) by intentionally misleading them as to where and/or how their assets had been placed contrary to common law; one count of being neglectful in the discharge of his duty as a non-executive director of CHC; one count of conspiring with others to defraud investors, clients, and customers of Custom House Capital Ltd by intentionally misleading them as to where or how their assets had been placed in the investment firm on dates between October 2008 and July 2011. Procedural stage: sentence
When:
- October 1, 2008 Adjournment
- July 15, 2011 Adjournment
- May 12 Adjournment
- July 2011 Hearing Or Sentence
- March 2009 Other
- September 2011 Hearing Or Sentence
- October 2008 Hearing Or Sentence
- July 2012 Other
- 2013 and 2019 Other
- 2012 and 2019 Other
- 2023-04-21 Publication
Case subjects
Defendant
Charges: conspiring with others to defraud investors in and clients and customers of Custom House Capital Ltd (CHC) by intentionally misleading them as to where and/or how their assets had been placed contrary to common law; one count of being neglectful in the discharge of his duty as a non-executive director of CHC; one count of conspiring with others to defraud investors, clients, and customers of Custom House Capital Ltd by intentionally misleading them as to where or how their assets had been placed in the investment firm on dates between October 2008 and July 2011 (Admitted)
Plea: Guilty
Outcome: She adjourned the case until May 12 and remanded Cassidy, of Clon Brugh, Aitkens Village, Stepaside, Co Dublin, Whyte of Beechpark, Lucan, Co Dublin, Lavery of Rafeenan, Ballinode, Co Monaghan and Mulholland on the same terms to that date.
Defendant
Charges: one count of conspiring with others to defraud investors, clients, and customers of Custom House Capital Ltd by intentionally misleading them as to where or how their assets had been placed in the investment firm on dates between October 2008 and July 2011 (Alleged Or Contested)
Plea: Not guilty
Defendant
Charges: one count of being neglectful in the discharge of his duty as a non-executive director of CHC; one count of conspiring with others to defraud investors, clients, and customers of Custom House Capital Ltd by intentionally misleading them as to where or how their assets had been placed in the investment firm on dates between October 2008 and July 2011 (Admitted)
Plea: Guilty
Outcome: She adjourned the case until May 12 and remanded Cassidy, of Clon Brugh, Aitkens Village, Stepaside, Co Dublin, Whyte of Beechpark, Lucan, Co Dublin, Lavery of Rafeenan, Ballinode, Co Monaghan and Mulholland on the same terms to that date.
Defendant
Charges: conspiring with others to defraud investors in and clients and customers of Custom House Capital Ltd (CHC) by intentionally misleading them as to where and/or how their assets had been placed contrary to common law; one count of being neglectful in the discharge of his duty as a non-executive director of CHC; one count of conspiring with others to defraud investors, clients, and customers of Custom House Capital Ltd by intentionally misleading them as to where or how their assets had been placed in the investment firm on dates between October 2008 and July 2011 (Admitted)
Plea: Guilty
Outcome: Whyte continues to work in the industry, but has been disqualified as a company director for 10 years.; She adjourned the case until May 12 and remanded Cassidy, of Clon Brugh, Aitkens Village, Stepaside, Co Dublin, Whyte of Beechpark, Lucan, Co Dublin, Lavery of Rafeenan, Ballinode, Co Monaghan and Mulholland on the same terms to that date.
Defendant
Charges: conspiring with others to defraud investors in and clients and customers of Custom House Capital Ltd (CHC) by intentionally misleading them as to where and/or how their assets had been placed contrary to common law; one count of being neglectful in the discharge of his duty as a non-executive director of CHC; one count of conspiring with others to defraud investors, clients, and customers of Custom House Capital Ltd by intentionally misleading them as to where or how their assets had been placed in the investment firm on dates between October 2008 and July 2011 (Admitted)
Plea: Guilty
Outcome: She adjourned the case until May 12 and remanded Cassidy, of Clon Brugh, Aitkens Village, Stepaside, Co Dublin, Whyte of Beechpark, Lucan, Co Dublin, Lavery of Rafeenan, Ballinode, Co Monaghan and Mulholland on the same terms to that date.
Places mentioned
- Custom House
- At Dublin Circuit Criminal Court
- Dublin
- High Court
- Merrion Square
Topics
Fraud Road Traffic Stage Sentence
Related court reports
- Man charged with having 56k child abuse images and videos remanded on bail
- Ex-Dáil hopeful's allegations against former employer 'complete fantasy', WRC told
- Mater must pay €10k to worker who said he was wrongly accused of abusing patient
- 'I think we know I won't be getting bail' - Daniel Kinahan charged with directing criminal organisation
- Letting agent who claimed alleged domestic violence victim abandoned tenancy by fleeing to refuge must pay €14.7k
- 77-year-old with 470 convictions told Luas staff to 'f**k off'
If a fact, identity, locality or legal outcome needs review, email the newsroom with this report's details prefilled.
Email a correction request