The Custom House Capital Ponzi.


#141

You’re bring ridiculous.
Don’t you know your betters !


#142

There has to a composite German word for the act of making a token and insubstantial gesture of securing the stable door after the horse has bolted.

So €66.5 million of money stolen and squandered. €2.3 million of fees illegally earned and retained from this.

Any trial for illegal activities?

Any prison time?

Have they been forced to repay the fees earned from their illegal activites?

Has the Central Bank been held responsible for ignoring the information provided by a whistleblower and allowing the illegal activities and thus the losses continue?

None of the above. Just a disqualification from being a company director. It is like been severely rapped with a feather.

The Central Bank person responsible for this fiasco has been promoted.

Meanwhile the career of the whistleblower who tried to do the right thing has been destroyed?

irishtimes.com/business/fina … -1.2890704


#143

The depressing thing about this is that all they get is a disqualification. This is ridiculous. I mean FFS, what’s that going to achieve? And the really depressing thing is that the judge - who seems like a whole asshole - manages to take a long piss on the victims by not maxing even that pointless exercise.

That is simply abhorrent.

In relation to criminal acts, the crime of false accounting carries a maximum tariff of 10 years

irishstatutebook.ie/eli/2001 … rint#sec10

Wouldn’t that at least send a message? Of course, since the regulators could be made to look like the completely inept assholes that they are, best to sweep the criminal aspects of it under the carpet.

And with Rush Credit Union rumbling on for years, plus ça change, plus c’est la même chose.


#144

bluewaterfp.ie/general/the-f … e-capital/

Worth reading.

bluewaterfp.ie/wp-content/up … dacted.pdf

Worth reading if you have any faith in the system. You should not.


#145

Kind of staggering that John Mulholland is still in the pension scene. Didn’t CHC decimate enough people for him to do the honourable thing and become an hero?

Passed over the pension biz to his kid, Johnny, but still a shareholder in two pension advisory companies…

scribd.com/document/3333337 … 0-2016-pdf

scribd.com/document/3333337 … 2-2016-pdf

This guy should be in Mountjoy. Some system. And people still trusting him (bwahaaa it was Harry’s fault). Darwinian losses…


#146

You clearly can’t rely on the regulator so what are the lessons for investors and pension investors ?

Share Certs need to be in your own name ?
Co-ownership schemes for property are a very bad idea ?
Leaving large cash balances with investment firm is very bad idea ?

Should pensions be avoided altogether ? Just buy big dumb income earning shares ?


#147

John Whyte Date of Birth 23 May 1970

Westlane Holdings Limited - dissolved, director with John Mulholland and Ruth M Woods
M & F Finance (Ireland) Limited – in receivership director with John Mulholland and Ruth M Woods and Harry Cassidy

John Mulholland Date of Birth 13 Dec 1950

Various addresses at

39 Glen Lawn Drive
Cabinteely
Dublin 18

Foxes Covert
Mount Juliet
Thomastown
Co. Kilkenny

Director of:

The European Pensioneer Trustee Company Limited 86928 - active
Brockpem Management Limited 142805 - resigned
Investment Property Company Of Ireland Limited 163111 - resigned
Baracroft Limited 215793 - resigned
Countford Limited 307314 – resigned, Martin Caldwell, brother of John Caldwell of Jackson Way fame was a director
Windsor Wealth Management Limited 429910 director with Ruth M Woods

Harry Cassidy Date of Birth 05 July 1956

Merrion Employment Services Company Limited By Guarantee 386948 - resigned

Investment Property Company Of Ireland Limited 163111 - John Caldwell, of Jackson Way fame, John Redmond, corruption, Planning Tribunal, large compensation claim, etc. also a director with an address of:

Ballachrink House
Glen Mooar Loop Rd
St Johns
Isle of Man IM4 3AG

So a connection between Harry Cassidy and John Caldwell. Who would have thought?


#148

Remind me again, did the Auditors pick up or miss the fraudulent transactions ?


#149

Custom House Capital: From left, director John Mullholland, chief executive Harry Cassidy and investment director John Whyte

:imp:

At least you can see what some of these people look like should you ever come into contact with them.


#150

independent.ie/business/iris … 49492.html

ie.linkedin.com/in/ian-mckee-5b159060


#151

Too many years later. Trials, if any were justified, should have been held many years ago.

Four senior executives are to face trial accused of misleading investors of collapsed firm Custom House Capital (CHC), which suffered multi-million euro losses.

Former CHC director John Mulholland, 70, from Salthill, Monkstown, Co Dublin, ex-investment director John Whyte, 50 of Beechpark, Lucan, Co Dublin, the investment broker’s head of finance Paul Lavery, 43, with an address at Rafeenan, Ballinode, Co Monaghan, and former portfolio manager Ciara Kelleher of Martin Close, Blackhorse Avenue, Dublin 7, were charged at Kevin Street Garda Station.

All four are charged with misleading investors as to the where and how assets were placed in Custom House Capital, contrary to common law.

It is almost 9 years since the inspectors report, FFS :frowning:

https://www.centralbank.ie/docs/default-source/regulation/industry-market-sectors/investment-firms/custom-house-capital/custom-house-capital-final-report---redacted-website.pdf?sfvrsn=4