Unlicensed Louth mortgage broker given more time to compensate victims

By Francis Carroll, The Drogheda Independent

An application to activate a suspended sentence against an unlicensed mortgage broker has been adjourned when it came before Dundalk Circuit Court.

In November 2024 Jimmy Cumiskey (64), Sliabh na gCloch, Jenkinstown, Dundalk, received a three-and-half year sentence, the last two years suspended.

The defendant took booking deposits from people for mortgages which never materialised.

The previous July, he pleaded guilty to seven counts on an amended indictment. There were 21 charges on the original indictment, seventeen of which related to cheques given to the victims in various amounts totalling €25,260 which ‘bounced’.

In addition to jail time, Judge Dara Hayes gave Mr Cumiskey a deadline to compensate four individuals in amounts more than they were owed to take account of inflation and the fact that they had not been fully reimbursed after six years.

At a hearing in October 2024 Judge Hayes noted that the four victims were still owed €9,840, €2,950, €22,990 and €17,800 respectively, after €10,260 had been repaid from the original total loss of €63,840.

He was told of a proposal to sell the defendant’s house to raise more compensation.

Barrister Ronan O’Carroll, instructed by solicitor Seán Sheehan, said the property had a valuation of €450,000.

There were two judgement mortgages on it for a total of approximately €38,000, and an outstanding mortgage of approximately €35,000.

On another adjourned date the court was told there was a Revenue Commissioners mortgage judgement on the house of just under €73,000 and a €51,000 mortgage.

The house was worth in the region of €125,000 to Mr Cumiskey.

A three-and-a-half-year sentence was imposed in November 2024, the final two years suspended for two years.

Judge Hayes said that before August 31, 2025, the defendant must pay further compensation of €12,500, €5,000, €29,000 and €23,500 to the respective victims.

The case was listed as a Section 99 Re-entry at Dundalk Circuit Court on November 13 last when prosecuting counsel Steven Dixon sought to have the suspended portion of the sentence activated for alleged breaches of the conditions of the suspension.

Mr Dixon said the final two years were suspended on condition that Mr Cumiskey pay the compensation.

Counsel said that €12,000 of the first amount was paid last July but there has been no further payments.

Mr O’Carroll said that his client is waiting for the sale of his house which is at the “sale agreed” stage.

There are boundary issues, and an issue with the location of a septic tank.

In reply to Judge Hayes, Mr O’Carroll said that the house has been on the market since last April.

The judge recalled that at the November 2024 hearing he had been told that the house was going on the market the following week.

Mr O’Carroll replied that Mr Cumiskey, who received temporary release from prison on December 23, 2024, had to get the property marketable.

Judge Hayes remarked it was “somewhat surprising” Mr Cumiskey “is sitting here rather than brought here”.

He continued that this matter had “meandered its way” through the sentencing.

There had been promises to make good. Three of the victims remained significantly out of pocket, while there was still a shortfall with the one victim who had received compensation.

Adjourning the matter 24 hours, the judge said that the information before the court was insufficient, a two-line letter from an estate agent confirming “sale agreed”.

“I want firm details, when the sale was agreed and when contracts issued.”

Judge Hayes said he would consider revoking the order or allow more time to pay.

“My preference is that the victims get compensation.”

The next day, Mr O’Carroll said “the sale of the property is proving difficult”. There are various judgements on the mortgage.

Judge Hayes said it was his recollection that he had been told there were incumbrances of €40,000. There would be more than sufficient (to compensate) after that.

Mr O’Carroll said there were no deeds. The solicitor who had been dealing with this issue had been “struck off”.

Mr Sheehan is conveyancing the matter.

Prosecuting barrister Mr Dixon said that no purchaser (of the house) had been identified. There had been further prevarications.

He submitted that Mr Cumiskey has been in breach of the conditions of the suspended sentence.

“This has to come to an end at some point,” Mr Dixon concluded.

Judge Hayes adjourned the application to January 13.

He said he would finalise the matter then unless there is “absolute certainty” when the money will be paid as directed.