Irishmen get suspended sentences in Thailand

Three Irishmen were given suspended prison sentences in Thailand today for conducting a securities business without a licence.

The three-year-old case involved the sale of questionable shares to unsuspecting investors.

The three Irishmen, three Britons, and one Australian were given suspended two-year prison sentences and fined after their trial in Bangkok.

The seven members of the so-called Brinton Group were arrested in July 2001 after police raided their operation – known as a “boiler room” for the high-pressure sales tactics employed there.

They were accused of luring at least 39 Australians and dozens of others, including Americans, to invest in questionable or non-existent stocks of companies in the United States and Canada.

A further 73 others were also arrested with them but were freed and deported.

They were initially charged with fraud for allegedly selling non-existent stocks, but prosecutors dropped the charges without explanation. However, the charge of conducting unlicensed securities business remained.

The Irish defendants were Paul Mary Hickey, John Martin Kealy and Ronan Joseph Murray.

Their activities were investigated by the Australian Federal Police and the FBI following complaints by securities regulators in Australia, New Zealand and Hong Kong.

Australian and US agents joined Thai police in the raid.