Ireland Men jailed over forestry fraud held personally liable for firm's debts
Garret Hevey, of Shankill in Dublin, and David Peile, formerly of Ballyguile in Wicklow and now based in the UK, ran Arden Forestry Management as a Ponzi scheme that induced 143 foreign investors to deposit around €5.5 million. The fraud came to light when a Finnish man travelled to Dublin to check on his investments, and both men were later jailed for six years. On 15 February 2024 the High Court ruled that Hevey is personally liable for the firm's debts and other liabilities of just over €3.8 million, and that Peile is liable for a sum still to be determined.
- Reportednot reported
- Arrestednot reported
- Chargednot reported
- In courtnot reported
- Verdictnot reported
- Sentenced15 Feb
Key facts
consolidated from all reports- What happened
- Two men were jailed for fraudulently operating a forestry firm, Arden Forestry Management, as a Ponzi scheme.
- The company offered investors a chance to make money in forestry through grant schemes and the selling of timber and forests.
- 143 foreign investors were induced to deposit around €5.5 million into the company's accounts.
- Where
- The company had a virtual office on Trinity Street in Dublin.
- Investigation
- The fraud came to light when a Finnish man came to Dublin to check on his investments.
- Other details
- Investors were sent a welcome pack containing a false timber certificate and land folio documents.
- Garret Hevey was a director of Arden Forestry Management and used the pseudonym James Baker, while David Peile called himself David Marshall.
- Sentence
- Garret Hevey was sentenced to six years in prison.
- David Peile was jailed for a total of six years.
- In court
- The High Court ruled that Hevey is personally liable for the firm's debts and other liabilities of just over €3.8 million.
- The High Court ruled that Peile is liable for a sum to be determined at a later date, to be finalised at a future hearing.
- The judge said the company was operated in an utterly fraudulent way and carried out no genuine business.
13 statements extracted from the articles
- whatTwo men were jailed for fraudulently operating a forestry firm as a Ponzi scheme. (rte.ie)
- whatThe company offered investors a chance to make money in forestry through grant schemes and the selling of timber and forests. (rte.ie)
- what143 foreign investors were induced to deposit around €5.5 million into the company's accounts. (rte.ie)
- whereThe company had a virtual office on Trinity Street in Dublin. (rte.ie)
- investigationThe fraud came to light when a Finnish man came to Dublin to check on his investments. (rte.ie)
- courtThe High Court ordered Hevey to be personally liable for the firm's debts and other liabilities of just over €3.8 million. (rte.ie)
- courtPeile was ordered to be liable for a sum to be determined at a later date. (rte.ie)
- courtThe portion of Peile's liability is to be finalised at a future hearing. (rte.ie)
- courtThe judge said the company was operated in an utterly fraudulent way and carried out no genuine business. (rte.ie)
- sentenceGarret Hevey was sentenced to six years in prison. (rte.ie)
- sentenceDavid Peile was jailed for a total of six years. (rte.ie)
- otherHevey was a director of Arden Forestry Management and used the pseudonym James Baker. (rte.ie)
- otherInvestors were sent a welcome pack with a false timber certificate and land folio documents. (rte.ie)
The reporting
newest first- 15 Feb2024Men jailed over forestry fraud 'liable' for firm's debts
Reports a High Court civil ruling that Hevey and Peile, both jailed for six years for operating Arden Forestry Management as a Ponzi scheme, are personally liable for the firm's debts. Adds the court orders, the investor losses and the investigation details.
convicted, Garret Hevey, male, named, irish (judged from name)Garret Heveyconvicted, David Peile, male, namedDavid Peilevictim, male, Finnish, non-irish