Cork brothers out of pocket for €18k for 10 years were 'fobbed off with lies' by investor

Men had been promised 11% profit on their investment, court heard

The defendant pleaded guilty to the charge that on October 17 and 18, 2013, at an unknown location in Cork City, he stole €18,100. Picture: Pexels

Two brothers who made an investment of thousands of euro on the promise of an 11% profit found themselves out of pocket for over €18,000 for 10 years and being "fobbed off" every time they enquired about it.

Now the investor who pleaded guilty to the theft of this money from them has repaid it in full to the two men and at a return totalling 20% to compensate them for the offence.

Judge Helen Boyle imposed a two-and-a-half-year suspended sentence on 65-year-old John Kelleher, of 29 Badger Gardens, Worcester, England, at Cork Circuit Criminal Court.

The defendant pleaded guilty to the charge that on October 17 and 18, 2013, at an unknown location in Cork City, he stole €18,100.

Judge Boyle said: “Aggravating factors are that you took money, assuring them the principal sum was secure and that it would be invested in full.

“Instead, you used €18,000 of other people’s money on lifestyle. You fobbed them off with lies and various comments and in effect you were stringing them along and ultimately you left the country. 

"This caused great distress. They trusted you and believed you. It had a significant impact on them. It was a breach of trust.

“In mitigation, you were fully cooperative with the investigation, you have no previous conviction and you have not come to the attention of gardaí since this.

“You have spent 26 days in prison.

“And most importantly, you have repaid all the monies with an element of compensation — albeit 10 years later.” 

Defence barrister Emmet Boyle confirmed the defendant repaid the monies in March of this year.