TWO BROTHERS have secured permanent charging orders against various assets of alleged “pyramid” investment scheme operator Breifne O’Brien in their bid to secure repayment of €3 million in investment monies.
Farmers Louis and Robert Dowley, from Carrick-on-Suir, Tipperary, sought the charging orders because they had received no money on foot of judgment orders for €3 million granted to them against Mr O’Brien early this year.
Interim orders registering charges against accounts and shares of Mr O’Brien were granted to the brothers by the Commercial Court last month. Mr Justice Peter Kelly yesterday made those charges absolute in relation to six companies which Mr O’Brien held shares in, including Independent News Media, AIB and CRH.
The judge made an attachment order absolute against assets of Mr O’Brien’s held by Goodbody Stockbrokers, but adjourned a similar application in relation to money held by National Irish Bank (NIB).
The court heard last month there was €35,000 in a NIB account. It was told that, while Mr O’Brien had last January placed a valuation of €213,396 on assets held by him in a Goodbody nominee account, those assets were valued by Goodbodys in April at just €7,369, with £113 sterling.
The sheriff has seized assets of Mr O’Brien’s including an Aston Martin car and some artworks, and applications may be made in relation to ownership of this property, Mr Justice Kelly heard.
The Dowleys are among several investors who have secured judgment for sums totalling some €18 million against Mr O’Brien over a “pyramid” investment scheme he allegedly operated.
