Business Irish

Tuesday 20 August 2019

Top court to hear of alleged €4m scam

Thirty-five investors who claim they were defrauded and lost more than €4m in an electronic trading scam have had their case against an Irish-registered firm and four businessmen admitted to the Commercial Court. Stock photo: Depositphotos
Thirty-five investors who claim they were defrauded and lost more than €4m in an electronic trading scam have had their case against an Irish-registered firm and four businessmen admitted to the Commercial Court. Stock photo: Depositphotos

Tim Healy

Thirty-five investors who claim they were defrauded and lost more than €4m in an electronic trading scam have had their case against an Irish-registered firm and four businessmen admitted to the Commercial Court.

The court heard the 35, among a potential 111, investors are suing Greymountain Management Ltd, in liquidation, its Dublin-based directors, Ryan Coates and Liam Grainger, and alleged shadow directors, brothers Jonathan and David Cartu, who are based in Israel.

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Mr Justice Robert Haughton admitted the case to the High Court's fast-track commercial list on the application of Marcus Dowling BL, for the 35 investors. Rossa Fanning, for the four personal defendants, said his clients vigorously deny the claims and regard the proceedings as opportunistic.

Mr Justice Haughton gave directions for exchange of papers in the case, which comes back before the court in October.

Irish Independent

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