Two men secure order restraining firm reducing bank account below €1.7m

TWO businessmen have secured an interim order restraining Etic Solutions Limited, Ballybofey, Co Donegal, from reducing its AIB account below €1.7 million because of investments, inclusive of the projected interest, which the men made with the company last year.

They are seeking summary judgment against the investment company of the total amount involved.

The order made returnable for next Monday was granted yesterday by Ms Justice Mary Laffoy on the application of Noel Travers, counsel for Daniel O’Donnell, of Termon, Co Donegal and South 55th Court, Oaklawn, Illinois, US, in respect of €1,692,000 he invested, and John O’Donnell (no relation) of Cluain Ard, Letterkenny, Co Donegal, concerning a sum of €74,000.

In an affidavit, Mr O’Donnell said the funds concerned were lodged into an account at the AIB branch in Main Street, Ballybofey.

He says that on March 26, on foot of representations made to him by the defendant’s local agents Thomas Ryan, he entered into an agreement with the defendant.

Mr O’Donnell stated that he made an investment of €100,000 with Etic Solutions in return for which it agreed to repay the investment and €23,760 in respect of interest.

“Mr Thomas Ryan would have been known personally to me for upwards of 30 years as a very close friend of our family,” he stated.

“For about 10 years, Mr Ryan was also a successful inter-county GAA footballer with the Donegal county team and would also have been involved in the management of the inter-county football team for two consecutive seasons from 2008 until 2010.

“I trusted Mr Ryan implicitly in relation to his representations on behalf of the defendant and confirm he was a trusted and respected pillar of the local community.”

Mr O’Donnell said he was told by Mr Ryan that the defendants specialised inter alia in purchasing liquidation stocks at low prices and reselling them on at high prices.

He was further advised that the investments were made at a variety of locations across Europe in an effort to produce the highest return available for investors.

On May 18, 2010, he entered into a further investment agreement with Etic on foot of further representations from Mr Ryan and agreed to invest €123,760.

On September 20, 2010, he agreed to invest €203,925 and on October 9, he invested a further €178,415. On October 25, he furnished Etic with €794,059.

On January 14 last, he became aware that the defendant was clearing out its head office premises at Unit 12 College Court, Lower Main Street, Ballybofey.

The court was told John O’Donnell had invested €53,968 with Etic for which it had been agreed to repay the investment and €20,756 in interest.

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