The Custom House Capital Ponzi.


Surely the more pertinent lesson is not to get investment advice from your friends.

Not without Doing Your Own Research, anyway.

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But Elderfield you useless smarmy cunt, it did not go undetected. A whistleblower contacted and met Noel Thompson from your office in February 2009 with her solicitor and she told him all about the problems. No only did you do nothing Elderfield, you promoted the Noel Thompson as a reward for his incompetence.

Review that you smug fucker. I would be more concerned that large-scale incompetence can go on in your office.


A story about C.H.C. was just on ‘The Last Word’.

A lady whos elderly mother sold her house, left cash with C.H.C.
She wanted to make sure she had money for when she might need to go into a care home and not be a financial burden on the kids.
Now all the money is gone, she has nothing.

How bloody incompetent are the FinRegs if even when they are told about a massive fraud in operation they still see fit to sit on their hands

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Edit misleading headline


So, it took two hacks to come up with the story that a sportsperson invested money into property? Wow, great stuff there lads.

Seriously, could people stop buying the Indo, please. It only encourages them.


the other media outlets aren’t much better
I had heard it discussed on the radio; assumed they invested in the pillaged funds but then read the rest of the article… :blush:


You may have seen the ads in Sunday’s papers.

One public service body does not do its job in regulating investment companies so there is a second public service body to clean up after it. You just got to love the public service. … es_004.php

From their information booklet:

It reads like a children’s book.


Isn’t that the job of the liquidator ?


For some depressing, self-serving, arse-covering excuses try reading … Assets.pdf

Who do public servants always write in the passive tense as if no one was responsible and events just happened without any causal link to their incompetence, laziness, and inefficiency?

This admission of failure just gives rise to the Central Bank being sued by investors.

This is just another example of the exercise of power and authority without accountability and responsibility.

So they had form from 2007 and in 2009 after receiving detailed and specific information from a whistleblower you did not uncover the fraud.

How much time elapsed before the transfer to the Enforcement Directorate occurred? What was the reason for the delay? Who was responsible? What will happen to the people who caused the delay?

What were these significant and repeated steps taken during 2009 and 2010? If they were so significant why did they fail? Why was the information from 2009 not judged in the context of its source and previous information from 2007? Who was responsible? What will happen?

Statements like “The main elements of the Central Bank’s strategy during 2009 and 2010 were to understand better the firm’s exposure to its property investments …” are just after-the-event arse-covering.

“The other option, liquidation, would also have had the same potential outcome” - says who? How about supporting this with some information? If properties had been sold earlier and in more controlled circumstances, would they not have realised more?

It was clear at the time also.

“By the middle of 2009 the Central Bank would have preferred, if it had had the power, to introduce new management to the business.” - why? What would new management have done to resolve the problem of consistent and continuous fraud? What would new management have done that liquidation would not have done?

“The Central Bank’s response in March 2009 seemed to be too rigid and inflexible to develop a more holistic view of what was going on at CHC” - do you think? Again, more passive tense that gives the impression this was done by someone else and not you.

And you paid KPMG for this crappy work? And you then gave them further business as a liquidator? Why was the audit not more forensic given the history of abuse within CHC and the accuracy of the information received? You took the word of serial liars multiple times. Fool me one, shame on you. Fool me twice, get promoted and not be held accountable or responsible.

That is just an excuse for not doing your job properly

“there appears to have been a lack of safeguards from a conduct of business perspective” - you just love the passive tense that absolves you of responsibility.

“There appeared” - no shit. Why not stop using the passive tense and accept responsibility?

“ … there had been systematic abuse of client funds for improper purposes and that this conduct was pervasive within CHC … ” - why was this not uncovered during the previous multiple audits: Central Bank 2007, Central Bank 2009 and KPMG 2009?


Jeez, that litany of failure by the Central Bank under John Hurley and Patrick Neary is even more damaging than the Mahon Report. No wonder the greaseballs slid it out today. :frowning:

I’ll ping it off to the big boys in Zerohedge and FT Alpha.


What a fail.

Epic, mega, total, uber, galactic, approaching infinite levels of fail.

If any impoverished CHC clients would like to meet Mr. Neary, he frequently shops in M&S on Sat am in Dundrum. It’s hard to resist calling him a cunt and I’d hate to embarass the kids, so I dont go there then anymore.


Great post jxbr.


Damn right Evilal. And a damn sight better than the reportage in MSM pixieland.


Could someone please outline what exactly the steps the Central Bank could have taken? Let’s spell it out for the MSM.

Isn’t is possible to withdraw the pension rights of public sector workers who have failed horrendously in their duties? Seems like a campaign that needs to be started. :nin

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You just got to love this. The very definition of irony. KPMG were commissioned by the Central Bank in 2009 to audit CHC and found none of the evidence of the subsequent pervasive fraud and illegality.

And now they get the extract money from the very people they failed to protect in order to pay their fees for a liquidation they should never had been given.

It would be funny if it was not so tragic.

From the Central Bank’s own report:

The story here is very clear. A whistleblower contacted and met Noel Thompson from the Central Bank in the Central Bank’s office in February 2009 accompanied by a solicitor and told him in detail all about the problems in CHC and where to look. No only did Noel Thompson do nothing but he was subsequently promoted as a reward for his incompetence. This meeting is described in Noel Thompson’s affidavit.


There is precedent for dipping into clients funds to pay the liquidator - this happened in the Morrogh case in Cork.

The liquidation will be massively expensive (Morrogh’s 5.9M in relation to a 7M fraud). Kieran will be able to buy a lot of puddings out of this with a fucking huge pool of client assets to feed on.

So, if I were a CHC investor, I’d go down there tomorrow and I wouldnt focus on complaing about having to pay, rather the potential conflict of interest (and the potential for perceived conflict of interest regardless of Mr. Wallace’s eminent status as a liquidator.), I’d seek to have the matter adjourned to allow the investors (who will be paying for it after all) consider who should be doing the liquidation. If it were me, I’d much prefer David Hughes from E&Y doing it.

Edit: Just for clarity, if you are a CHC investor, you dont need a barrister to make yourself heard. As a party to the case, you can stick your hand up - whats the worst that can happen? Finlay Geoghan is ok, not the smartest, but pleasant in the court and she wil pay attention to you. You will receive due courtesy and attention if you give it. Media, a bunch on onlookers and a whole bunch of black gowns will be present but dont let that shit get you nervous. Just remember, you have more of a right to be heard than any pompous brief.


But surely in this case Kieran Wallace has already discovered that KMPG when given the relevant information by a whistleblower were still unable to find their own arses and save the client funds in 2009.

**Now KMPG want to take the SAME CLIENTS TO COURT in 2012.
Therefore an investor who hauls Kieran Wallace up into the witness stand tomorrow ( one by one as we cannot do class actions in Ireland) should get a 100% offset againts the fees KMPG charged the last time…for a clean bill of health for Custom House as it happens. :smiley:

***This is modern Ireland where the rape victims are being required to pay compo to the rapist.***…in effect.

And yet we continue to ritually demonise the clergy whereas the secular rapists are much MUCH worse. There isn’t a Bishop in the land who would seek full payment for the costs of a diocesan tribunal up front from the victims. :frowning:


Shane Ross: Rogues rob Custom House -> … 23669.html



Cassidy is going to get crucified. You don’t rip off the lawyers and judges in Ireland, only poor people :smiley: