Business Irish

Tuesday 17 September 2019

Financial adviser has assets frozen by court

Aodhan O'Faolain

The High Court has made freezing orders against a Dublin financial adviser and two of his companies over an alleged failure to return €159,000 advanced to him as an investment.

The orders were granted by Ms Justice Leonie Reynolds in favour of Jamie Murphy who claims the advisor used money advanced by Mr Murphy in 2017 for his own personal use.

Mr Murphy secured the orders against James Doherty, trading as Demvera Capital Partners, with a registered address at Serpentine Business Park, Serpentine Avenue, Ballsbridge, Dublin 4.

The injunction was also granted against another related company, Demvera Trust Unlimited Company, with an address at Burnfoot Business Park, Main Street, Burnfoot, Co Donegal.

The orders prevent the defendants from reducing their assets, which includes sums held in two bank accounts in Co Dublin and Co Donegal, beneath a value of €159,000.

Mr Murphy, of St Anne's Park, Quinn Road, Shankill, Co Dublin, had claimed that despite hiring a private investigator, Mr Doherty cannot be located. All that is known is Mr Doherty is somewhere in the UK.

Mr Murphy said he advanced some €159,000 to Mr Doherty in 2017.

His counsel, Eugene Gleeson, said Mr Murphy was introduced to Mr Doherty, who represented himself as an accountant and a financial advisor.

The money, which came from a trust fund and personal savings, was to be invested in a firm which provides home care to those with disabilities.

However, the money was never invested with that company and his client had sought explanations from Mr Doherty.

When proper explanations were not forthcoming, Mr Murphy sought the return of the investment, his counsel said.

Despite giving various assurances, the money has never been returned by Mr Doherty.

Counsel said Mr Doherty had given excuses including his ill-health as a reason for not returning the monies.

Mr Murphy fears he may be the victim of a fraud and that he requires the freezing orders as the defendants may dissipate monies held in the bank accounts.

Ms Justice Reynolds was satisfied to grant the injunctions sought. The matter will return before the court in January.

Irish Independent

Also in Business