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"Pyramid scheme" accused told men they would double their investments, trial hears

Summary

In a Dublin Circuit Criminal Court trial, two Kerry men testified that Eamon Shield, 45, had promised them a 100% return on their investments within 60 days by flipping repossessed cars at a significant markup. The prosecution, led by Shane Costelloe SC, described Shield's scheme as a pyramid scheme, arguing that he merely attracted new investors to pay off earlier ones. Shield, who pleaded not guilty to 15 theft counts and 12 deception counts, allegedly stole €178,000 from 12 people between June 2011 and February 2012. The trial, which began on Monday, was delayed due to a juror issue and will continue before Judge Patricia Ryan and a new jury. The case is expected to run for two weeks. The defendants, David O'Grady and Malcolm Griffin, each invested €3,000, received only partial payments, and later complained to Gardaí in Listowel. The court has not yet delivered a verdict.

Who, what, where, when and why

What: Report matter: "Pyramid scheme" accused told men they would double their investments, trial hears. Charges or matters: 15 counts of theft and another 12 counts of making a gain by deception between June 2011 and February 2012. Procedural stage: trial

When:

• June 2011 Hearing Or Sentence
• February 2012 Hearing Or Sentence
• 2016-07-12 Publication

Case subjects

Places mentioned

Topics

Fraud Stage Trial Theft

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Read the original CNI report