Businessman one of investors trying to relocate money
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.