The former investment broker Tony Taylor has been jailed for five years for fraudulently converting more than £400,000 (€508,000) and destroying records and documents relating to his businesses.

Taylor (52) pleaded guilty at Dublin Circuit Criminal Court to three counts of the fraudulent conversion of cheques between March 27th, 1990 and July 9th, 1996 and one charge of causing the destruction of records and documents relating to Taylor Asset Management, Clyde Road, Ballsbridge, on August 6th, 1996. He also pleaded guilty to a charge of the fraudulent conversion of funds for his own use between April 9th, 1996 and May 15th, 1996.

Taylor, formerly from Anglesea Road, Dublin 4, was living in England at Wrestwood Avenue, Eastbourne, after absconding from Ireland following the collapse of the Taylor Group three years previously when tracked down by private investigators in August 1999.

He was extradited by the Garda Bureau of Fraud Investigation in January 2000, after changing his mind about contesting extradition, and has been in custody since.

A nolle prosequi was entered on six further charges. It had been estimated a trial would have lasted approximately 10 weeks.

Judge Elizabeth Dunne said she had no doubt that the amount of money involved was "very significant" and without knowing too much about the victims she said they must have been seriously affected, having no chance of ever being recompensed.

"The court takes a serious view of Mr Taylor's actions and were it not for his guilty plea a very stringent custodial sentence would have been imposed if he was found guilty after a trial," she said.

"I have no doubt that the victims in this case would have been strongly affected by the losses of such money and I have to mark the seriousness of the offences," she concluded.

Defence Counsel, Mr Paul McDermott SC (with Mr Luan ╙ Braonain BL) earlier told Judge Dunne that Taylor absconded because of an article published connecting him with a well-known Dublin criminal. It referred to a link with the Veronica Guerin murder in June 1996 and it caused him "an enormous fear".

He added that he deeply regretted his actions and his invaluable plea saved a lot of court time. A trial would have lasted in excess of eight weeks.

"My client worked very hard in this business, dating back to 1967, and these offences will lead to business and social isolation in the future," he said.

"It has deeply affected him and he will live with this for the rest of his life. He never lived any high-flying lifestyle and the money defrauded was purely to save his business which was in serious danger of collapse," Mr McDermott added.

Detective Garda Kevin Monks told Mr Shane Murphy SC (with Mr George Birmingham SC) prosecuting, that at the time of the offences Taylor owned three companies, Taylor Investment Ltd, Taylor and Associates Financial Services and Taylor Asset Management which all comprised the Taylor Group.

Det Gda Monks added that Taylor acted as an agent for personal clients who wished to invest money with businesses in Ireland or abroad.

In January 1991, a retired married woman, June Anne O'Reilly, gave him a cheque for £50,000 that she wanted lodged with a company called Fleming Fund Management. Taylor later told Ms O'Reilly that he would transfer the money from Fleming to the Hong Kong Shanghai Bank. In fact, he transferred the money into a Taylor company account in the Isle of Man.

Det Garda Monks said Ms O'Reilly has never received any of her money back. Another investor, Mr Patrick Milner, gave Taylor a cheque for £220,858 on March 27th, 1990.

Taylor lodged the money in various overseas accounts. Milner has received £70,000 back from Fidelity, but is at a loss for the remainder.

Between 1988 and 1996, a third investor, Mr George O'Hara, made various investments with Taylor amounting to £205,000.

Following his dealings with Taylor he ended up with a loss of approximately £136,000 from the money he invested. The money was lodged in various Taylor accounts.

Det Gda Monks said that in May 1991 the sum of £25,515, which rose to over £31,000, was given to Taylor by a Ms Joan Lynch to be invested with Fleming Fund Management, but in June 1996 he asked for the money to be returned.

It was to be lodged with the Royal Bank of Canada but was instead lodged to Taylor company accounts.

Throughout the period the investors would often inquire about how their funds were doing and would be told how they were doing However these interactions were only with Taylor and over the telephone.

Det Gda Monks said on August 6th, 1996 he told a female staff member to delete various names from his computer and then to shred all documents going back to 1989. The woman felt nervous about it but agreed when he explained an inspection was due.