Ireland Four Custom House Capital executives sentenced for fraud on investors
Four senior executives of Custom House Capital, a Dublin company, pleaded guilty to conspiring to defraud investors and clients by misleading them about where their assets had been placed, with the offences occurring between 1 October 2008 and 15 July 2011. The men are Harry Cassidy, former CEO, aged 67 in press reports, John Whyte, former head of private clients, Paul Lavery, head of finance, and John Mulholland, a non-executive director. Mulholland pleaded guilty to one count of neglect as a director, and a nolle prosequi was to be entered on the conspiracy charge against him. On 12 May 2023 Judge Orla Crowe at Dublin Circuit Criminal Court sentenced Cassidy to six years and ten months (one report said six years), Whyte to four years, Lavery to three years and Mulholland to 12 months.
- Reportednot reported
- Arrestednot reported
- Chargednot reported
- In courtnot reported
- Verdictnot reported
- Sentenced12 May
2 reports
Key facts
consolidated from all reports- What happened
- Four senior executives of Custom House Capital were sentenced over an operation to defraud investors, described as a multi-million conspiracy.
- Where
- The offences occurred within the State, and the sentences were handed down at Dublin Circuit Criminal Court.
- When
- The offences occurred between 1 October 2008 and 15 July 2011.
- Cause
- Transactions were backed out of property before valuations were issued to clients, so the valuations were misleading.
- Charges
- Cassidy, Whyte and Lavery pleaded guilty to conspiring to defraud investors and clients of CHC by misleading them about where their assets had been placed.
- Mulholland pleaded guilty to one count of being neglectful in the discharge of his duty as a non-executive director of CHC.
- A nolle prosequi was to be entered on the conspiracy charge against Mulholland.
- In court
- Judge Orla Crowe handed down the sentences at Dublin Circuit Criminal Court.
- Sentence
- Harry Cassidy, former CEO, was sentenced to six years and ten months, though one report gave the sentence as six years.
- Cassidy was given credit for two months spent in custody in Germany.
- John Whyte, former head of private clients, was sentenced to four years.
- Paul Lavery, head of finance, was sentenced to three years.
- John Mulholland, a non-executive director, was sentenced to 12 months.
- Investigation
- High Court inspectors found that €56 million of client money had been inappropriately transferred to property investments.
- The liquidator said €41 million, or 64%, of misappropriated funds had been recovered.
- Other details
- 202 victim impact statements were submitted to the court.
18 statements extracted from the articles
- whatFour senior executives of Custom House Capital were sentenced for an operation to defraud investors. (thejournal.ie)
- whereThe offences occurred within the State. (thejournal.ie)
- whenThe offences occurred between 1 October 2008 and 15 July 2011. (thejournal.ie)
- causeTransactions were backed out of property before valuations were issued to clients, so the valuations were misleading. (thejournal.ie)
- chargeThe case concerns a multi-million conspiracy. (extra.ie)
- chargeThe four men pleaded guilty to conspiring to defraud investors and clients of CHC by misleading them about where their assets had been placed. (thejournal.ie)
- chargeMulholland pleaded guilty to one count of being neglectful in the discharge of his duty as a non-executive director of CHC. (thejournal.ie)
- courtThe sentences were handed down by Judge Orla Crowe at Dublin Circuit Criminal Court. (thejournal.ie)
- courtA nolle prosequi was to be entered on the conspiracy charge against Mulholland. (thejournal.ie)
- sentenceA former CEO of Custom House Capital was jailed for six years. (extra.ie)
- sentenceHarry Cassidy, the former CEO, was sentenced to six years and ten months. (thejournal.ie)
- sentenceJohn Whyte, former head of private clients, was sentenced to four years. (thejournal.ie)
- sentencePaul Lavery, head of finance, was sentenced to three years. (thejournal.ie)
- sentenceJohn Mulholland, a non-executive director, was sentenced to 12 months. (thejournal.ie)
- sentenceCassidy was given credit for two months spent in custody in Germany. (thejournal.ie)
- otherHigh Court inspectors found that €56 million of client money had been inappropriately transferred to property investments. (thejournal.ie)
- otherThe liquidator said €41 million, or 64%, of misappropriated funds had been recovered. (thejournal.ie)
- other202 victim impact statements were submitted to the court. (thejournal.ie)
The reporting
newest first- 13 May2023Custom House Capital executives sentenced over 'sophisticated' operation to defraud investors
Reports the sentencing of four executives (Cassidy, Whyte, Lavery and Mulholland), the judge's reasoning, sentence reductions, the liquidator's recovery figures and the victim impact statements.
convicted, Harry Cassidy, 67, male, named, irish (judged from name)Harry Cassidyconvicted, John Whyte, 53, male, named, irish (judged from name)John Whyteconvicted, Paul Lavery, 47, male, named, irish (judged from name)Paul Laveryconvicted, John Mulholland, 73, male, named, irish (judged from name)John Mulholland - 12 May2023Former CEO of Custom House Capital Jailed For Six Years For Multi-Million Conspiracy
The article body contains only search-widget template code, so the only usable text is the headline. The headline reports a sentence of six years. The Irish location is inferred from the outlet and company, not stated in the text.
convicted