Further claims made against alleged pyramid scheme operator

TWO more claims have been brought against alleged pyramid scheme operator Breifne O’Brien for the repayment of monies given to him to invest.

The latest claims, totalling almost €1 million, will increase to more than €14m the sums sought from the businessman.

Mr Justice Peter Kelly was told yesterday by Alan Doherty for several claimants, that two other creditors of O’Brien have issued proceedings following the judge’s indication last week that anyone else with claims should move speedily. Mr Justice Kelly had already granted orders against O’Brien directing him to repay some €13m.

The cases arise following claims that O’Brien, of Invergarry, Silchester Road, Glenageary, operated a “pyramid” investment scheme over 15 years, misappropriating millions from several investors to fund his personal lifestyle and business interests.

Yesterday, Mr Doherty said the latest claimants are Barty O’Brien Ltd and Robert Dennison, who are seeking €685,000 and €312,000 respectively.

He said O’Brien would not be opposing judgment against him in the latest amounts sought.

Mr Justice Kelly said he would hear the applications for judgment next Tuesday.

Earlier this week, the judge referred papers in the case to Garda fraud detectives, saying it appeared that friends of O’Brien, who gave him large sums to invest, were the apparent victims of a “highly successful but not particularly sophisticated confidence trick”.

An application by O’Brien’s socialite wife, Fiona Nagle, to vary an order freezing her husband’s accounts below €14.5m so as to get some €4,000 weekly for household expenses was withdrawn after the judge refused to hear it in private.

O’Brien has estimated his assets so far as €36m but counsel for some plaintiffs said the actual figure might be closer to €20m when charges and liabilities were taken into account. O’Briens’ debts are estimated at around €17.23m.

The judge was told that his orders earlier this week requiring O’Brien to pay sums of €3,065,350m to farmers Louis and Robert Dowley, of Carrick on Suir, Co Tipperary and €3,860,739 to businessman David O’Reilly, from Bray, Co Wicklow, had not yet been carried out.

O’Brien is also required to repay €4.4m to Evan Newell, of Brighton Gardens, Rathgar, Dublin; €1,107,350 to former High Court Taxing Master David Bell, a pensioner of Kilgarth, Silver Birches, Dublin, and his son Peter Bell, a solicitor; and €450,000 to Daniel Maher, of Kiltiernan Pines, Westminster Road, Foxrock.

Proceedings were initiated against O’Brien last December after he told solicitor Brian Quigley he had been “living a lie” for up to 15 years. He allegedly said it was easy to “pull suckers in when the economy was booming” but recent events made it impossible for him to continue his method of operation.