(Source: Irish Times)
A man involved in a pyramid scheme that accumulated losses of
over [euro]500,000 has been given more time to raise money to
compensate the victims.
Barry Hanrahan (34) had bank drafts totalling [euro]140,000 with
him when he appeared at Cavan Circuit Court yesterday.
Hanrahan, formerly of Kilnavara Court, Cavan, and now living in
Hackney, London, has pleaded guilty to 10 offences contrary to the
Investment Intermediaries Act 1995.
They are that in Dublin, Meath and Cavan in 2001 and 2002, he
acted as an investment business firm or broker without the
authorisation of the Irish Financial Services Regulatory Authority.
The court was told that the losses involved in the scheme were
[euro]542,000. Judge John O'Hagan adjourned the case until next
March.
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