Pyramid scheme victims to get half cash back
Published 11/03/2011 | 05:00
PEOPLE who put more than half-a-million euro into an unsuccessful pyramid scheme are to be repaid half their investment from the man whom they trusted with their cash.
Barry Hanrahan (36) formerly of Kilnavara Court, Cavan , brought €40,000 with him to Cavan Circuit Court yesterday, bringing the amount he has gathered in compensation to €245,392. Hanrahan previously pleaded guilty to 10 offences contrary to the Investment Intermediaries Act 1995.
Yesterday Judge John O'Hagan was told by State prosecutor Monica Lawlor that Hanrahan had pleaded guilty to sample counts, and the loss to the parties who had invested with him came to €542,000.
She suggested that the compensation raised by Hanrahan be divided amongst those named as having been at a loss. Judge O'Hagan was given a schedule of proposed additional payments to be made by Hanrahan. He said he believed people would get their investment back. He adjourned the case for 12 months and remanded Hanrahan on continuing bail.