The former CEO of the now defunct Custom House Capital has been jailed for six years and ten months for his role in a conspiracy to defraud the company's clients.
He was one of three senior executives sentenced today for taking part in the plot, while a fourth man was jailed for neglecting his duties as a company director.
Some victims of what happened at Custom House have had to sell their homes to make ends meet; and many have had to keep working well beyond retirement age.
Between October 2008 and mid-July 2011, the judge said they were "systematically deceived in a sophisticated operation."
€61m of clients’ funds was unlawfully diverted to pay for property investments on mainland Europe, and to date, only two-thirds of that has been recovered.
The judge read almost 200 victim impact statements before passing sentence today.
The company’s former CEO, Harry Cassidy, was jailed for six years and ten months; while his co-conspirators, the former Head of Private Clients, John Whyte, and former Head of Finance, Paul Lavery, got four and three years respectively.
Former director, John Mulholland, was handed a one-year sentence for neglecting his duties as a director.
