Man deceived investors out of life savings, court told
Published 15/12/2011 | 05:00
A man accused of depriving investors of €177,000 headed a company called Pear Shapes Resources, it was claimed in court yesterday.
Donegal Circuit Court was told the firm was set up in January 2004 in the British Virgin Islands and the share capital was in US dollars.
Thomas Elvin (50) faces 26 counts of operating as an illegal investor on a variety of dates between 2003 and 2005 and of deceiving people of their cash, including life savings in at least one instance during the same period.
He is alleged to have committed the offences at a number of locations in Donegal town, Ballybofey and Cloghan, Co Donegal.
The prosecution said there were seven victims of a series of actions by Mr Elvin.
One woman, Elizabeth Duncan, now deceased, with her daughter Sharman, effectively invested all of their savings, €102,034, through Mr Elvin.
Prosecutor Patricia McLaughlin said: "None of that money was returned."
When the charges were read to him Mr Elvin said clearly to each: "Definitely not guilty."
The trial continues.