Courts / Dublin / Report

Director of alleged 'Ponzi scheme' gold company should be disqualified, court told

Date
2023-05-02

Stage
Hearing Or Decision

Primary locality
Dublin

County
Dublin

Summary

The High Court was asked to impose disqualification orders on Nicholas Wickham, shareholder and director of Irish Gold and Silver Bullion Ltd (IGSB), a company alleged to have operated as a Ponzi scheme. IGSB was wound up in 2021, and liquidator Myles Kirby obtained court orders freezing Wickham's assets and those of Hamden Development Homes UK Ltd. After settling proceedings with the liquidator, Wickham has committed assets toward the company's €1 million deficit and all previous orders were vacated. Wickham, in his early 60s, asked the court not to impose any disqualification, citing his age and media coverage. Counsel suggested a disqualification of over 10 years but noted mitigating factors, including Wickham's cooperation, and proposed a 40–50 % discount. Judge Brian O'Moore reserved his decision, to be delivered later. The liquidation remains ongoing. The case involves allegations that Wickham misapplied customer funds, concealed the company's insolvency, and used payments for personal benefit, while lawyers for Wickham denied wrongdoing.