Courts / Tipperary / Report

'Ambush' and 'sham' allegations in multi-million dollar investment case

Summary

A Commercial Court case involving former Morgan Stanley broker Jeffrey Leo has been adjourned to the end of the month after the plaintiffs' lawyers attempted to remove Wenning Holdings Ltd from the proceedings. The case centres on allegations that Leo misappropriated US$60m (€58m) given by American couple Mary and James Wenning to invest in a portfolio of Irish properties, including Dundrum House Hotel, Pillo Hotel, Tullamaine Castle, Golden Vale Hotel, Drumonna House, Celbridge Manor and Powerscourt Arms Hotel. The Wenning couple claim the money was advanced as a loan or in exchange for equity, while Leo denies the claims. Liquidator Kieran Wallace seeks orders making Leo personally liable for Wenning Holdings' debts, against former auditor Colm Malone, and against Leo Financial Investments Ltd and Steelworks Investments Ltd. The court noted that the removal of Wenning Holdings was part of a "narrowing" of proceedings that did not prejudice the defence.

Who, what, where, when and why

What: Report matter: 'Ambush' and 'sham' allegations in multi-million dollar investment case. Procedural stage: hearing_or_decision

When:

• 2025-04-09 Publication

Case subjects

Places mentioned

Topics

Stage Hearing Or Decision

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Read the original CNI report