Former Tipperary Native & Financial Advisor Jailed For Six Years.

A former Tipperary native and financial advisor now residing at Richmond Avenue, Dartry, Dublin 6, who lost around €2 million of property investors’ funds in unauthorised stock market transactions has been jailed for six years.

Aged 52 years Mr William Kiely appeared at Dublin Circuit Criminal Court earlier this year, but changed his plea to guilty on the 21st day of his trial. He pleaded guilty to three counts of dishonestly appropriating money from the accounts of Barrington Capital Ltd, between 2007 and 2010. Dublin Circuit Criminal Court heard that the theft involved $1.47 million and around €700,000.

Mr 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. He further pleaded guilty to falsifying a financial statement on March 12th, 2010.

Dublin Circuit Criminal Court heard that Mr Kiely set up a legitimate investment operation, the aforementioned Barrington Capital Ltd, to purchase commercial property in the United States of America. Following the 2008 global financial crash, he failed to return all of the money which had been intended to purchase property; instead and without investor authorisation used some of it on the stock market, which was unsuccessful.

Having heard the facts of the case on Friday last, Judge Elma Sheahan stated that Mr Kiely had a high degree of culpability; the financial losses they suffered and the impact on their emotional well-being were all aggravating factors in the case and the harm caused to the injured parties was truly significant. The court heard that much of the funds went towards lifestyle expenses unrelated to the business and Kiely had also paid himself an amount each month. Mr Kiely also falsified a financial statement back in March 2010, which set out expenses on the account and what was left, however, at this point the funds were completely depleted.

Mr Kiely received a six year jail sentence and has also been automatically disqualified from serving as a director of any company for five years.