Four Custom House Capital executives jailed over fraud that cost investors millions

The company’s former CEO, Harry Cassidy, 67, was sentenced to six years and 10 months in prison by Judge Orla Crowe at Dublin Circuit Criminal Court today.

Judge Crowe said the victims were “systematically deceived in a sophisticated operation” conducted for over two years by those who owed them fiduciary duties. She said the crime was “most egregious”.

She sentenced John Whyte (53), the former head of the private banking department, to four years in prison.

CFO Paul Lavery (47) received a three-year prison sentence.

John Mulholland (73), non-executive director of Custom House Capital (CHC), has been sentenced to 12 months in prison.

Cassidy of Clon Brugh, Aitkens Village, Stepaside, Dublin, Whyte of Beechpark, Lucan, Dublin and Lavery of Rafeenan, Ballynod, Co. Monaghan pleaded guilty to conspiring with others to mislead investors and customers of CHC by intentionally misleading them to defraud informing them where and/or how their assets have been placed contrary to common law.

John Mulholland, 73, of The Foxes Covert, Mount Juliet Estate, Thomastown, County Kilkenny, pleaded guilty to one charge of negligence in the performance of his duties as non-executive director of CHC.

The court found that this was related to dishonest and fraudulent actions by the company, leading customers to entrust funds to the company or failing to withdraw funds previously entrusted to the company with the intention of making a profit for themselves and inflicting losses on him others.

All crimes occurred within the state on dates between October 1, 2008 and July 15, 2011.