Busi­ness­man one of in­vestors try­ing to re­lo­cate money

Bray People - - News -

BRAY busi­ness­man David O’Reilly is amongst a group of seven in­vestors who say they were en­cour­aged to in­vest large sums of money in prop­erty and do not know where their money has gone.

This emerged re­cently in the Com­mer­cial Court dur­ing a case in­volv­ing Glenageary man Breifne O’Brien who is ac­cused of mis­ap­pro­pri­at­ing mil­lions of euro. He stands ac­cused of op­er­at­ing a ‘ pyra­mid’ in­vest­ment scheme.

O’Brien is mar­ried to PR woman Fiona Nagel and said to be in­volved in the taxi busi­ness and a friend of Ir­ish celebri­ties.

He is al­leged to have been ‘ liv­ing a lie’ for up to 15 years in re­la­tion to in­vest­ments made for oth­ers, in­clud­ing friends, ac­cord­ing to court pro­ceed­ings. Mr. Jus­tice Peter Kelly heard that it is al­leged that O’Brien would seek money from one in­vestor, promis­ing a re­turn. If he could not then con­vince the per­son to in­vest in an­other trans­ac­tion, he would find an­other in­vestor to pay them off, the court heard.

A so­lic­i­tor for the seven in­vestors, Mr. Brian Quigley, pro­duced an af­fi­davit in court stat­ing that O’Brien ad­mit­ted to him that he was ‘liv­ing a lie,’ in re­la­tion to in­vest­ments made for oth­ers, in­clud­ing long­time friends of his.

Mr. Jus­tice Kelly granted a freez­ing or­der against Mr. O’Brien, re­strain­ing him from deal­ing with or re­duc­ing his ac­counts be­low € 20 mil­lion.

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