Michael Fakinle sentencing adjourned in money laundering case

This report is a localnews.ie summary based on public court reporting and records; sources are listed below.

Michael Fakinle pleaded guilty at Dublin Circuit Criminal Court to five counts of handling property knowing it was the proceeds of criminal conduct and a separate charge of money laundering.

The proceedings were reported on 10 May 2022. Judge Pauline Codd adjourned sentence to October 7 for a probation report, saying the adjournment would also give Fakinle time to obtain more money to compensate victims.

The court heard that a recently retired woman’s retirement fund of €71,892.41 was transferred to Fakinle’s Bank of Ireland account. It remained there for four days in May 2020 and was recovered before the criminals could take it.

Other sums were not recovered. Detective Garda Shane Whelan told prosecuting counsel David Perry BL that a water filtration company shareholder had transferred €5,000 to Fakinle’s account after an email was hacked. The report also described unrecovered payments of €1,339, €3,251 and €1,100 involving other victims.

Fakinle told gardaí that someone had approached him to use his account and that his role was to take money lodged there and hand it to another person. Detective Garda Whelan said Fakinle did not identify the person because he claimed to fear them. Fakinle claimed he had received no money and maintained that he had not initiated frauds or sent emails.

Detective Garda Whelan agreed with defence counsel Rónán Prendergast BL that Fakinle had cooperated with the investigation. Mr Prendergast said Fakinle accepted his wrongdoing, had pleaded guilty at an early stage and had made only a few hundred euro. The court heard that Fakinle had €500 available as compensation.

This report covers an earlier stage of the case. Later developments are not reported here.