Seminar for potential investors is cancelled

People claiming to be representatives of an unauthorised investment firm who were hosting seminars for potential investors went to ground as the Central Bank was preparing to question them.

The representatives said they were with the firm Omnicorp, which has an address in the Caribbean and were to have held a seminar in the Royal Marine Hotel, Dun Laoghaire, Dublin last night.

However, the meeting was cancelled yesterday afternoon, according to a spokesman for the Central Bank. By law investment intermediaries are obliged to seek authorisation from the Central Bank before operating in the Republic.

Central Bank personnel and possibly the Garda were expected to attend the meeting. The organisers may have heard this and decided to cancel the meeting.

It is understood the organisers had been in Dublin for the past few days, contacting individuals and inviting them to attend seminars. The organisers, who had US accents, arrived in the Royal Marine Hotel a few days ago and booked a number of meeting rooms. Last night's meeting was the first one planned. It is not thought that any investors gave them funds.

It is understood the organisers telephoned potential investors, possibly after having secured their addresses from share registers, and invited them to the seminars, promising guaranteed returns of 40 per cent. No public notices were posted. The Central Bank was notified by people who had been contacted. It has a confidential telephone number, 1890 200469, which concerned investors can call if they wish to ascertain whether an investment firm is authorised to operate here.

Omnicorp has an Internet address and on its website it states: "Here is where you will find your new passport to the world of Freedom and Financial Independence . . . Omnicorp is here to be your trusted guide in your offshore journey."