A man was charged yesterday in connection with the operation of a "pyramid scheme" in Cavan.
Barry Hanrahan (30) of Kilnavara Court, Cavan, was charged at Cavan District Court with 33 offences, including fraudulently obtaining more than €45,000.
Some 31 of the charges related to various dates in 2001 and 2002 when Mr Hanrahan is alleged to have acted as an investment broker without the authority of the Irish Financial Services Regulatory Authority, contrary to Section 9 of the Investment Intermediaries Act, 1995.
The activities are alleged to have taken place at AIB, College Green, Dublin 2.
He was also charged with intent to defraud at Boyle Road, Carrick-on-Shannon, Co Roscommon, under Section 32 (1) of the Larceny Act, 1916, amended by section 9 of the same Act in 1990.
He is alleged to have obtained a bank draft from John Moffet for €45,790 by falsely pretending the draft would be invested in stocks and shares. A further charge was brought against him under Section 20 of the same Act, details of which were not disclosed.
The court heard that Mr Hanrahan was arrested by Garda James Murray of Cavan Garda station, on the direction of the Director of Public Prosecutions, and taken to the station where the charges were brought against him. He was then taken to the court.
Judge Seán McBride was told that in response to each of the charges, Mr Hanrahan replied "I have nothing to say."
The defendant briefly took the stand to tell the judge that he had travelled from London to meet Garda Murray by prior arrangement yesterday.
Judge McBride said the charges against Mr Hanrahan were of a very serious nature and it would be appropriate "in the interests of justice" that he be granted legal aid.
He agreed to accept Michael Ryan as solicitor for the defendant.
Mr Hanrahan was remanded on bail of €1,000 with an independent surety of €20,000. The surety was provided by his father, Denis Hanrahan, of Strageliffe, Cavan.
The court heard that Mr Hanrahan intended to return to work in London but would be back in Cavan for Christmas.
Judge McBride included the case for mention on December 22nd, and said he would then be in a position to give the defendant a further lengthy remand pending the preparation of the book of evidence, which is expected to be available in the new year.