At least €3.7m in client funds of an investment firm — whose owner died of a heart attack last August — are unaccounted for in what appeared to be serious misappropriation of the monies, the High Court heard. There were inadequate business and accounting records and it appears steps were taken to modify certain banking and accounting records with a view to concealing the true financial position of the company. It has not yet been possible to reconcile the true financial position or the scale of misappropriation of client assets, the review found. Initial analysis of available information shows however that it appears 45 clients were impacted by misappropriation and at least €3.7m of client monies are unaccounted for. The judge said this was a very serious matter and wondered if it was indicative of a Ponzi scheme.

Source: Irish Examiner January 22, 2026 17:51 UTC