Custom House Capital

Last updated
Custom House Capital
Company typeInvestment firm
Industry Financial services
Founded1997
Defunct2011 (2011)
FateLiquidation
Headquarters
Dublin
,
Ireland
Key people
Harry Cassidy (Co-founder and COO)

Custom House Capital (CHC) was an investment firm based in Dublin, Ireland.

Contents

In 2011, Kieran Wallace and Eamonn Richardson of KPMG were appointed liquidators following regulatory intervention, due to suspicions of misappropriation of client funds. [1] [2] [3]

History

The firm was established in 1997 by Patrick O’Sullivan and Tony Burke with Cassidy joining in 1999 from Guinness Mahon.

By 2009 CHC had built up a base of over 2,000 clients and had approximately €1.2 billion of assets under management but had been under surveillance by the Central Bank of Ireland and Financial Regulator because of operational concerns. [4] [5] [6]

In early 2011, Bastow Charleton Wealth Management (BCWM) were engaged to help manage the business due to operational difficulties identified by the Central Bank of Ireland and later carried on as managers following the appointment of the liquidator. [7] [8] [9]

Various notable individuals had been invested in the companies funds including Donncha O'Callaghan, Ronan O'Gara and Brian O'Driscoll. [10] [11]

In 2018, Davy Group and BCWM were appointed to manage the return of funds to clients as well as taking over the management of some assets for former clients. [12] [13]

In 2022, the state's investor compensation fund confirmed there were approximately 2,164 claims approved by the liquidator while there were at least another 173 claims outstanding. [14]

On May 12th, 2023, four of the company's employees were jailed after being convicted of a €61 million conspiracy to defraud investors. Harry Cassidy was the cofounder and Chief Operating Officer of CHC during the period of 2008 to 2011 when the conspiracy occurred and was sentenced to seven years in jail. [15]

In December 2023, the Investor Compensation Company (ICCL) confirmed that they had concluded the client compensation process with over 2,340 claims processed. [16]

See also

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References

  1. ↑ "Court sets date for Custom House Capital compensation hearing". The Irish Times. Retrieved 2023-05-18.
  2. ↑ O'Donnell, Orla (2023-05-12). "Four jailed in case over €61m conspiracy to defraud".
  3. ↑ "Most Custom House Capital investors to be compensated by end of next year". The Irish Times. Retrieved 14 February 2024.
  4. ↑ "Former Custom House Capital chief executive jailed for six years for fraud". The Irish Times. Retrieved 2023-05-18.
  5. ↑ "Custom House Capital: the €61m fraud that wrecked 200 lives". www.independent.ie. 14 May 2023. Retrieved 14 February 2024.
  6. ↑ Brady, Niall (1 September 2012). House of Cards: The Inside Story of the Fall of Custom House Capital. Penguin UK. ISBN   978-0-241-96385-2 . Retrieved 14 February 2024.
  7. ↑ "Custom House Capital ((in Liquidation))". vLex. Retrieved 14 February 2024.
  8. ↑ "CHC Update". www.davy.ie. Retrieved 14 February 2024.
  9. ↑ "CHC". BCWM. Retrieved 14 February 2024.
  10. ↑ "BOD and fellow rugby stars invested in Ponzi company | NewsScoops.Org - Irish Newspaper Investigations". 20 January 2012. Retrieved 14 February 2024.
  11. ↑ "'I blame no one bar myself' - Donncha O'Callaghan reveals he fell victim to Custom House Capital investment scam". Independent.ie. 18 May 2023. Retrieved 14 February 2024.
  12. ↑ "CHC Update". www.davy.ie. Retrieved 14 February 2024.
  13. ↑ "Custom House liquidators pick Davy to manage initial assets return". The Irish Times. Retrieved 14 February 2024.
  14. ↑ "Some €752,000 in compensation left outstanding to Custom House Capital investors". The Irish Times. Retrieved 14 February 2024.
  15. ↑ O'Donnell, Orla (2023-05-12). "Four jailed in case over €61m conspiracy to defraud".
  16. ↑ Goodbody, Will (15 December 2023). "Custom House Capital client compensation process ends". RTÉ.ie . Retrieved 14 February 2024.
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