50% compo over pyramid scheme

PEOPLE who put more than €500,000 into an unsuccessful pyramid scheme are to get half of their investment back a court heard yesterday.

Before the court was Barry Hanrahan, aged 36, formerly of Kilnavara Court, Cavan, who had brought €40,000 with him to Cavan Circuit Court yesterday. This, the court heard, brought the amount he has gathered in compensation to €245,392.

Hanrahan, who also has an address in Hackney, London previously pleaded guilty to 10 offences contrary to the Investment Intermediaries Act 1995.