Catriona Carey’s business partner admits deception

Patrick Maher pleaded guilty to deception in a Wexford court last month

Catriona Carey

Maeve Sheehan

June 19 2022 02:30 AM

A business partner of Catriona Carey, the Kilkenny businesswoman under investigation for an alleged mortgage fraud, has pleaded guilty to deception in an unrelated criminal case at Wexford Circuit Court last month.

Patrick Maher pleaded guilty in Wexford Circuit Court on May 3 to five charges relating to deception under Section 6 of Criminal Justice Theft and Fraud Offences Act. He will be sentenced on July 5. Maher’s offences are not connected to Catriona Carey’s alleged scam which are currently being investigated by the Garda National Economic Crime Bureau.

Maher was a director of several companies with Carey, including a brief stint at Careysfort Asset Estates, the UK registered firm that is the focus of the garda investigation. Maher became a director of the firm in December 2021 and is understood to have resigned.

Carey, a former Kilkenny camogie player and sister of the hurling legend, DJ Carey, is at the centre of a high-level criminal inquiry after a Prime Time Investigates documentary exposed her alleged mortgage scam.

Eighteen people claimed the businesswoman had conned them out of €500,000 through a mortgage scheme that offered to buy back their distressed loans from lenders at a discount.

Her UK firm, Careysfort Asset Estates, promised to give new mortgages to the borrowers, allowing them to remain in their homes. They were asked to pay upfront deposits of €10,000 to €30,000 and were told their deposits were refundable if the deals didn’t go ahead.

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The programme revealed that €400,000 in client fees had been paid into the company account, but by last February only €488.10 of funds remained.

Financial records showed that fees transferred to Careysfort Assets Estates were allegedly spent on skiing trips, exotic holidays, designer clothes, supermarket shopping and a €55,000 BMW.

Patrick Maher, who has an address in New Ross, has been a director of four companies linked to Carey.

He was appointed a director of the Irish registered firm, Careysfort Assets Estates, in 2019. Catriona Carey has been a director of the firm since it was set up in 2017.

Maher has been a director and joint shareholder with Carey in MP&P Private Commercial Investments Limited, since 2019. The company is registered in Merrion Square.

He has resigned from both companies, although he is still listed as a director of Careysfort Asset Estates in the UK.

The UK companies registration authorities threatened to strike off both UK companies but the strike off action was discontinued in both cases.

The Central Bank warned the public last month against using the UK registered company, Careysfort Asset Estates, saying it was an “unauthorised company” for providing financial services.

A statement described Catriona Carey as the sole director of Careysfort Asset Estates Limited, which the Central Bank said had no authorisation as a retail credit firm.

Detectives investigating Carey have received complaints from around 40 people about her and have identified another 20 potential peop;le who have not yet made formal complaints.

Gardaí raided Carey’s home in Kilkenny in March, seizing documents and records.

A house she owned was sold for €365,000 by receivers appointed to the property. She was put off the road for four years and received a suspended sentence after she pleaded guilty to road traffic offences, including driving her 202KK registered BMW 420 without insurance.