Former Eircom director jailed for €1.4m building society fraud

A former Eircom director who defrauded a building society out of €1

A former Eircom director who defrauded a building society out of €1.4 million for the purpose of setting up a lottery in Peru has been jailed for four years.

Michael Gormally (52) used false names on mortgage applications he presented to ICS Building Society at New Century House on Mayor Street in Dublin over a three-year period. The father of six also acted as a facilitator to obtain mortgages for two people who were unaware documents were falsified. Gormally, of Prospect View, Prospect Manor, Rathfarnham, pleaded guilty in the Circuit Criminal Court.

Det Garda Alan Browne told prosecuting counsel Pieter Le Vert that a complaint was made to gardaí by a risk manager at ICS about mortgage applications that Gormally had presented to the building society. He had attempted to obtain €3.8 million but only managed to get €2.4 million, of which €1.4 million was for his own use.

Judge Martin Nolan said Gormally was a “man of some, if not great intelligence, with knowledge of how financial institutions work”.

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“His motivation was to help a couple he knew to obtain a mortgage and the purpose of the other money was to set up a lottery in Peru, and the only way to get the money was to deceive ICS. There is no evidence of excessive high living or assets. He embarked on a mission to help people in Peru, but the means he adopted were criminal.”