Saturday 21 October 2017

Couple sue over €1.2m investment losses

Tim Healy

A SOLICITOR and his wife claim that they suffered losses of at least €1.2m due to alleged negligence and deceit by those managing their investments. They are suing a company director, a financial-services company and NCB Stockbrokers.

Hugh and Helena Carty, of Park Avenue, Sandymount, Dublin, claim that their money was put, without their consent, into risky investments and that material facts about those funds were deliberately withheld.

They claim they suffered losses of at least €1.2m, including some €800,000 lost from investments in two funds of Quinlan Private Capital Ltd (QPCL).

The alleged negligence also exposed them to a liability to AIB as some of their investments were security for property loans, they claim. They are suing Brendan Mullin, ACP Financial Services Ltd and NCB Stockbrokers Ltd.

Mr Mullin, of Stillorgan Road, Donnybrook, Dublin, was formerly managing director of Powerscourt Capital Partners Ltd, which was renamed QPCL and then renamed again as ACP Financial Services.

Liability

The couple allege that Mr Mullin and ACP caused them to invest some €1m in unregulated investment products, QPCL Fund A and QPCL Fund B, without seeking their authorisation.

They would not have authorised such investments and had relied on Mr Mullin in his capacity as managing director of PCP, they claim.

Both ACP and NCB are liable for his actions, they argue.

They also claim that all three defendants produced manufactured and false documents purporting to show the couple signed authority forms and mandates when they had not.

On the application of NCB, Mr Justice Peter Kelly agreed to fast-track the case in the Commercial Court.

NCB director Gregory Dilger said the firm's "stock in trade is its integrity and reliability" and that it wanted an opportunity to publicly rebut the claims against it as soon as possible.

Irish Independent

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