A Tipperary man has been jailed for six year for fraud.
A financial advisor from Tipperary who lost two million Euro worth of property investors’ funds in unauthorised stock market transactions has been jailed for six years.
52-year-old William Kiely with an address at Richmond Avenue, Dartry, Dublin 6 is originally from the Premier County.
He went on trial at Dublin Circuit Criminal Court earlier this year, but changed his plea to guilty on the 21st day of the trial when he pleaded to three counts of dishonestly appropriating money from the accounts of Barrington Capital Ltd between 2007 and 2010.
The court heard the theft involved $1.47 million US dollars and around €700,000.
Kiely also pleaded guilty to knowingly carrying on the business of a company, Barrington Capital Limited, with intent to defraud creditors between July 2008 and February 2010.
Kiely further pleaded guilty to falsifying a financial statement on March 12, 2010.
He has no previous convictions.
The court heard Kiely set up a legitimate investment vehicle, Barrington Capital Ltd, to buy commercial property in the US – but after the 2008 global financial crash used some of the funds invested – without investor authorisation – and lost it on the stock market.
