'Nothing but trouble' - man who had €58k mistakenly lodged into account, and spent it

Keith O’Connor, of 15 Kilnap Green, Farranree, Cork. Picture: Cork Courts Limited

Keith O’Connor, of 15 Kilnap Green, Farranree, Cork. Picture: Cork Courts Limited

Cork Courthouse

Keith O’Connor, of 15 Kilnap Green, Farranree, Cork. Picture: Cork Courts Limited

Ralph Riegel

July 31 2019 01:43 PM

A MAN who spent €58,000 mistakenly lodged into his bank account by a stockbroking firm has been given further time to raise compensation.

Keith O'Connor (51) appeared before Cork Circuit Criminal Court on a single charge of theft.
Judge Sean O'Donnabhain adjourned sentencing until November 14 after being told that O'Connor was continuing to raise compensation for the firm involved.
A further €1,000 was lodged in court - with total compensation of almost half the initial amount involved now successfully raised.
Judge O'Donnabhain had earlier this year warned O'Connor of Kilnap Green, Farranree, Cork that his contributions from the witness box had simply amounted to "digging a bigger hole" for himself.
The judge advised the defendant not to interject when his defence barrister Niamh Stewart was explaining how his ongoing efforts at raising compensation had gone.
"I'll say no more, your honour," O'Connor said.
Judge O'Donnabhain stressed that was the wisest course of action.
"For once, I am in full agreement with you," the judge added.
Previously, the judge had warned the defendant about the consequences of not making an adequate effort to raise compensation.
"Pay as much compensation as you can or you will go to prison," he said.
O'Connor acknowledged that he had spent the €58,000 which had been mistakenly lodged into his account by the stockbroking firm.
The defendant - who first appeared before the court last year - was adamant he had not set out to defraud anyone.
"I have had nothing but trouble since that money landed in my account," O'Connor said.
"I did not need that money - I did not ask for that money."
"I did not go out to defraud anyone."
More than €21,000 in compensation has now been paid by the defendant in various lodgements to court.
The court previously heard from Det Garda Malcolm Walsh that, on March 29 2016, €58,000 was mistakenly lodged in the defendant’s account by the stockbroking firm.
O'Connor had previously purchased shares through a firm of stockbrokers and at that time in 2016 there was no money in his account.
In a transfer error, funds which should have been paid to the account of another client of the stockbroking firm was instead transferred to O'Connor's account.
When the error was discovered, contact was made with O'Connor by the firm.
However, Judge O'Donnabhain was told that the defendant did not engage with the firm or agree to any scheme to remedy the error and repay the money involved.
He acknowledged receipt of the funds.
Instead, O'Connor almost immediately withdrew the entire sum from his account.
The court was previously told that O'Connor had used almost half the sum in respect of costs incurred by a family funeral.
O'Connor pleaded guilty to a single theft charge that, on March 2 2016, he dishonestly appropriated €58,000 at AIB Bank's Blackpool Retail Park outlet in Cork.