Pyramid schemer who defrauded investors of €540,000 should have the company delisted

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Grim-faced pyramid scammer Barry Hanrahan was given yet another reason to be discouraged this week after his mail-order company received a mandatory delisting notice from the UK company’s office.

Documents obtained by the Sunday World show Hanrahan’s Nempsor Ltd, a company with an address in the Kinawley Business Park in Enniskillen, has been advised the company will be delisted within the next two months.

Documents associated with the business, which is listed as retail through mail-order houses or on the internet, had been listed for write-off because filings of its “financial vitals” are overdue.

In January this year, Hanrahan dodged a 10-year prison sentence and a possible fine of 1.3 million euros for financial shenanigans that cost investors more than half a million euros since the Tiger. Celtic.

The case had been postponed dozens of times to allow the 39-year-old to repay the €540,000 he had taken from “investors”.

Hanrahan, the Cavan Circuit Court heard, ran what was described as ‘a type of pyramid scheme’ in 2001 and 2002 during the height of the Celtic Tiger.

Improperly posing as an investment firm or broker, he promised investors he had arranged to meet in hotels, pubs and at home for 30% returns.

However, most were left with nothing after the financial dealer claimed a man he met at a hotel convention had dumped him.

In total, losses for Hanrahan’s investors amounted to €540,000.

But, delivering a final bank draft for €67,000 in restitution to his investors at Cavan Circuit Court last month, Hanrahan has now paid back every penny.

One of Hanrahan’s victims then issued a conciliatory statement, telling the Sunday World: “Unlike all the white collar crime we’ve seen in big business, at least he [Hanrahan] tried to do the right thing.

Throughout the marathon court case, which lasted so long that all of the original gardai investigators had retired, Hanrahan pleaded guilty to 10 counts of breaching the 1995 Criminal Investigations Act. investment intermediaries.

The breaches took place in Dublin, Meath and Cavan between 2001 and 2002 and related to Hanrahan unlawfully representing itself as an investment firm or broker without authorization from the Irish Financial Services Regulatory Authority.

In total, there were 33 separate charges on the indictment, with a combined total loss to those involved amounting to €542,000.

Until final repayment, the case had been adjourned periodically, from one Circuit Court term to another, giving Hanrahan as much time as it needed to repay the amounts owed.

All refunded funds, split on a pro-rata basis, were deposited into a joint account by arrangement with Longford State’s attorney Mark Connellan and Hanrahan’s defense attorney Martin Cosgrove.

At some point, before returning to live in Ireland, it was told in court that Hanrahan had found employment in London in the financial services industry.

For his crimes, Hanrahan faces a maximum possible fine of £1million or €1.27million, a 10-year prison sentence, or both.

Garda Detective Joanne Gethins, attached to Cavan Garda Station, provided evidence in court, with details of the case relayed by Prosecutor Monica Lawlor BL, instructed by State Attorney Rory Hayden.

The sentencing court heard how Hanrahan received money from people on the promise that it would be reinvested, earning up to 30% profit in return.

The court was told by Detective Gethins that the gardai who started investigating the case had all since retired.

When arrested by Det Garda James Murray in 2005, Hanrahan made “certain” confessions, although “disputed” the amounts owed to various people.

Hanrahan told Gardai the losses came after a man named “Scott Sherlock” “let him down”.

Hanrahan, a married father of two, had no previous convictions when the offenses came to light. Judge Aylmer said, to Hanrahan’s “credit”, the defendant made an effort to repay the money.

The judge said he would take the “unusual” step of suspending the entirety of a three-and-a-half-year prison sentence provided Hanrahan “behaves well”.

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