Wednesday 20 February 2019

Judgment of €159,000 against Dublin 4 financial adviser

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Aodhan O'Faolain

The High Court has granted judgment of €159,000 against a financial adviser accused of using investors' funds for his personal use.

The order was made by Ms Justice Leonie Reynolds against James Doherty, trading as Demvera Capital Partners of Serpentine Business Park, Serpentine Avenue Ballsbridge, Dublin. The judge also ruled Mr Doherty should be brought by gardai before the court to answer for an alleged contempt of court.

Late last year, the Judge made various orders freezing both his assets and the assets of two of his companies over an alleged failure to return €159,000 advanced to him as an investment.

The orders were granted in favour of Jamie Murphy who claims Mr Doherty used the money advanced to him in 2017 for personal use.

Mr Murphy claims the monies were to be invested in a company that provides care for people, but it never went where it was supposed to go.

Mr Murphy of St Annes Park, Quinn Road, Shankill, Co Dublin, made several requests for his investment to be returned to him but claims Mr Doherty has failed to do so.

In December, Mr Murphy's lawyers secured freezing orders against James Doherty trading as Demvera Capital Partners and against a related company, Demvera Trust Unlimited Company, with an address at Burnfoot Business Park, Burnfoot, Co Donegal.

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

Mr Doherty, who allegedly represented himself as an accountant and a financial adviser and is understood to be in the UK, was also ordered to produce a list of all his assets within four weeks. The matter returned before the court yesterday when Eugene Gleeson SC, for Mr Murphy, told the court the money had not been returned and Mr Doherty had not complied with the order to furnish the court with details of his assets.

Counsel said there had been email correspondence with Mr Doherty, who said he was unaware the case had been listed for Thursday, and had not retained a lawyer to represent him. Mr Doherty had never attended court on any occasion the case was before the court nor had any lawyer ever come on record to represent him, counsel said.

In the circumstances, counsel said his client was seeking an order for Mr Doherty's attachment and committal to prison for being in contempt and was also seeking an order for judgment of €159,000.

Ms Justice Reynolds was satisfied to grant judgment in favour of Mr Murphy, and ordered that Mr Doherty be attached and brought before the court in a week's time.

Irish Independent

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