Convicted fraudster Taylor could get €583,000 if liquidator drops civil case

CONVICTED fraudster Tony Taylor, who left investors bereft of €2.2 million, could end up pocketing €583,000 while his fraud victims get nothing.

Such an outcome would enrage those who were defrauded of life savings when investments undertaken by the former investment broker went seriously wrong.

Mr Taylor and his wife Shirley left the country when the fraud was uncovered in 1996.

He subsequently returned and admitted to three claims of fraud at his trail for which he received a five-year jail sentence.

In December, the case could take another bizarre twist if Patrick McSwiney, appointed liquidator to Mr Taylor’s company in 1996, decides to drop the civil case against Mr Taylor and his wife.

In 1996, Mr McSwiney tried to have the couple held personally liable for the €2.2m losses.

The application was made under section 204 of the Companies Act.

It was suspended pending conclusion of criminal charges that dragged on for several years.

In October 2001, Mr Taylor got five years in jail but time served in Britain prior to his return to Ireland meant he was freed last year. During the trial, he pleaded guilty to three charges of fraudulent conversion, one of carrying on a business for a fraudulent purpose and one of destroying documents and records.

At the time there were up to 16 charges against him including the loss of €235,000 by the Society of St Vincent de Paul. Mr Taylor subsequently denied any loss to the charity, in a newspaper interview.

Even if the attempt to make Taylor personally liable for his creditors’ debts does go ahead, the liquidator said those who suffered under Mr Taylor would get very little compensation. It is unclear at this stage if any creditors are still pursuing claims against Mr Taylor.

Mr Taylor and his wife owned a house on Ailesbury Road, Dublin, which sold for €736,000 in 2001.

After a mortgage of €153,000 was deducted, the money was lodged with the court pending the outcome of the civil case.

If Mr McSwiney withdraws from the civil case, Mr Taylor could get €583,000 while his victims end up with nothing.