Funds misused after cocksure move into property
Like many other Irish companies, the trouble began for Dublin-based money manager Custom House Capital when it started dabbling in the property market in the latter years of the boom.
Before 2004 the company was known for its specialist pension advice and chief executive Harry Cassidy, who started his career in the Dublin financial crisis in 1974, was a regular commentator on pension issues in the media. But from 2004 the company wanted to offer its clients a broader range of options, and presumably give them a chance of a higher return.
Cassidy was earning a boom-level salary of €430,000 prior to resigning during the summer, and the findings will be a major blow to him, who was known for advising people on the best ways to be 100pc secure in investing.