Convicted fraudster Breifne O’Brien has been adjudicated bankrupt by the High Court.
Two years ago, the former businessman was given a seven-year prison sentence for inducing others to advance millions of euro to him for investment in bogus property deals.
O’Brien, with an address at Monkstown Grove, Monkstown, Co Dublin, pleaded guilty at Dublin Circuit Criminal Court to 14 sample counts of making a gain or causing a loss by deception or theft of around €8.5m between 2003 and 2008.
He was sentenced to seven years by Judge Patricia Ryan on October 8, 2014. Last December, his appeal against the length of the term was dismissed by the Court of Appeal.
At the High Court yesterday, O’Brien was ruled as being a bankrupt following an application made to Ms Justice Caroline Costello.
It is understood O’Brien owes approximately €25m in secured debt and €13.7m in unsecured debt to creditors.
Barrister Keith Farry BL for O’Brien said his client was seeking to be declared bankrupt on his own petition.
The judge said she was satisfied to adjudicate O’Brien as a bankrupt.
She said O’Brien would have to advertise the adjudication in both Insolvency Service of Ireland’s website and in Iris Oifigiúil, the official gazette of the Government of Ireland.
Two years ago, Dublin Circuit Criminal Court heard O’Brien had dishonestly induced five people to advance millions of euro to him to invest in bogus property deals in Manchester, Paris, and Hamburg. O’Brien also got them to invest money in a bogus linen shipping insurance scheme.
His actions were described as a classic pyramid scheme.
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