Proceeds of house auction to go to fraud victims

A KERRY house worth more than €500,000 owned by a deceased US insurance fraudster is to be auctioned next month on behalf of the Irish Criminal Assets Bureau.

The sale proceeds will be repatriated to the US and Canadian victims of the insurance frauds, who are thought to have lost as much as $24 million (€18m).

Next month’s auction for a modern home at Templenoe, on the Ring of Kerry, was cleared by a High Court ruling in May following an application by the CAB, which also seized $3.5m (€2.5m) in Irish bank accounts held by the late Matthew Wallace Schachter.