Multiple findings of professional misconduct against Alan Hynes

Multiple findings of professional misconduct have been made against Wexford accountant Alan Hynes by a disciplinary tribunal of Chartered Accountants Ireland.

The body’s complaints committee have argued that the “ultimate sanction” of excluding the accountant from the institute should be imposed given the gravity of the findings.

The three-person tribunal, which sat for fourteen days last year investigating a range of complaints against Mr Hynes, found he had been in breach of codes of ethics and principals guiding the profession in relation, amongst other matters, to integrity, competence, and obligations to due care. It found multiple instances of Mr Hynes being involved in conflict of interest situations that he did not adequately deal with.

Amongst the criticisms made in the findings against Mr Hynes were “egregious” breaches of the institute’s code, “unmitigated failures” in relation to his dealings with clients, and “unconscionable behaviour” in relation to clients whose money he dealt with.

Mr Hynes, who operated the Wexford accountancy business Hynes & Co, was involved in property ventures during the boom years into which investors put millions of euro, with the money coming from pension investors and clients of Mr Hynes’ accountancy practice, amongst others.

The ventures involved some of of the investors signing powers of attorney which were in turn used to give personal guarantees to banks. In some cases the people involved only learned of the personal guarantees when the bank sought to use them as part of its effort to recoup unpaid money.

It was found that Mr Hynes, in his dealings with the investors in Tuskar Asset Management plc, which is now in liquidation, displayed a lack of integrity and truthfulness that was such that it brought discredit onto his profession.

Among the findings against Mr Hynes were that he was the subject of judgment debts exceeding €6 million from AIB, Bank of Ireland, and an individual. Mr Hynes was not present at the tribunal to hear the findings being read into the record. A copy of the report had been given to him earlier.

Barrister Brian Farren, for the institute’s complaints committee, said the entire process arising from the complaints against Mr Hynes had taken more than three years and the costs involved were “very significant”. Barrister Alan Cormack said he would submit a statement of means for Mr Hynes later.