Firm ‘deliberately’ misused assets of clients

CUSTOM House Capital not only “systematically and deliberately” misused assets and cash belonging to clients but even issued false and misleading statements to clients to cover up its activities.

In their assessment of CHC’s activities over the last seven years, the High Court-appointed inspectors, George Treacy and Noel Thompson, said the origin and rationale behind the misuse of client funds would appear to have been “relatively straightforward”.

The company’s foray into promoting property investment to its clients in 2004 initially proved successful and spurred its management on to become involved in more and more sizeable property projects.