Courts / Dublin / Report
Pyramid scheme fraudster Breifne O'Brien adjudicated bankrupt
Summary
The High Court has adjudicated Breifne O'Brien as a bankrupt following an application made to Ms Justice Caroline Costello. O'Brien, who is currently serving a seven-year prison sentence, had previously pleaded guilty at Dublin Circuit Criminal Court to 14 sample counts of making a gain or causing a loss by deception or theft of approximately €8.5 million between 2003 and 2008. He was sentenced to seven years' imprisonment by Judge Patricia Ryan on October 8, 2014, for inducing others to invest in bogus property deals and a linen shipping insurance scheme, described as a pyramid scheme. His subsequent appeal against the length of that term was dismissed by the Court of Appeal last December. In the current High Court proceedings, O'Brien's counsel stated that he was seeking bankruptcy on his own petition. The court noted that O'Brien owes approximately €25 million in secured debt and €13.7 million in unsecured debt. Ms Justice Costello adjudicated him bankrupt, ruling that no additional statement of affairs was required. However, she ordered that the adjudication be advertised on the Insolvency Service of Ireland's website and in Iris Oifigiúil. O'Brien's solicitor will liaise with the Official Assignee, Mr Chris Lehane, regarding the process.
Who, what, where, when and why
What: Report matter: Pyramid scheme fraudster Breifne O'Brien adjudicated bankrupt. Charges or matters: 14 sample counts of making a gain or causing a loss by deception or theft of around €8.5 million between 2003 and 2008. Procedural stage: appeal
When:
- October 8th, 2014 Hearing Or Sentence
- 2003 and 2008 Other
- 2016-07-25 Publication
Case subjects
Convicted Person
Charges: 14 sample counts of making a gain or causing a loss by deception or theft of around €8.5 million between 2003 and 2008 (Admitted)
Plea: Guilty
Outcome: He was sentenced to seven years imprisonment by Judge Patricia Ryan on October 8th, 2014.
Places mentioned
- The High Court
- Dublin
- Dublin Circuit Criminal Court
- Court of Appeal
- High Court
- The criminal court
Topics
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