Pyramid scheme accused faces asset sale

A COURT yesterday paved the way for Anglo Irish Bank to sell off the assets of alleged pyramid scheme operator Breifne O’Brien in a bid to reduce his alleged €13 million borrowings to the bank and its subsidiaries.

The assets include properties in Dublin, Paris and England, a car showroom in Munich, and shares in an investment fund in Boston, and are valued at more than €11 million, according to an affidavit from the bank.

Colm O hOisín SC, for Anglo, had applied to the Commercial Court to vary a December 2008 order freezing below €18m the accounts of Mr O’Brien, formerly with an address at Invergarry, Silchester Road, Glenageary, but now with an address in Thomastown, Co Kilkenny.