Monday 11 December 2017

Couple sue brokers over alleged misuse of trading accounts

Tim Healy

DOLMEN stockbrokers are being sued for around €1.2m in losses allegedly incurred by a couple and their company through unauthorised use of their securities trading accounts to enter into transactions for Dolmen's own benefit.

Patrick Purcell claims he agreed to enter into a series of transactions between 2006 and 2008, on behalf of his wife Audrie and their company, Purcell Brothers Ltd, as a result of emotional pressure and/or undue influence placed upon him by Stephen Tynan, director of stockbroking with Dolmen.

He claims Mr Tynan assured him they would be indemnified against any losses but to date had failed to do so and, as a result, they had suffered losses of more than €855,000. It is also claimed that Dolmen, through Mr Tynan, entered into a series of unauthorised transactions using the plaintiffs' accounts without their prior knowledge or consent.

It is claimed the plaintiffs also suffered some €350,000 in losses as a result of allegedly unauthorised dealings in shares of several companies.

Mr Tynan had failed to abide by the relevant trading rules and regulations, it was claimed.

Counsel for the Purcells, of Victoria Lodge, Victoria Road, Killiney, Dublin, and Purcell Brothers Ltd, Herbert Street, Dublin 2 applied yesterday for the case to be admitted to the fast-track Commercial Court.

But Mr Justice Peter Kelly refused to transfer it after finding the case had not shown the urgency required. Rossa Fanning, for Dolmen, said his side would also need considerable time to set out a defence.

Irish Independent

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