High Court grants freezing orders against financial advisor over €159k investment in home care firm
Freezing orders have been made by the High Court against a financial advisor and two of his companies over an alleged failure to return €159,000 advanced as an investment.
The orders were granted by Ms Justice Leonie Reynolds in favour of Jamie Murphy who claims that James Doherty, trading as Demvera Capital Partners, has used the money advanced in 2017 for his own personal use.
Mr Murphy, represented by Eugene Gleeson SC, secured the orders against James Doherty trading as Demvera Capital Partners, with a registered address at Serpentine Business Park, Serpentine Avenue, Ballsbridge, Dublin 4.
The injunction was also granted against another related company, Demvera Trust unlimited Company, with an address at Burnfoot Business Park, Main Street, Burnfoot, Co Donegal.
The orders prevent the defendant from reducing his assets, which includes sums held in two bank accounts in Co Dublin and Donegal, beneath a value of €159,000.
The Judge also ordered that Mr Murphy produce a list of all his assets within four weeks.
Mr Murphy of St Annes Park, Quinn Road, Shankill, Co. Dublin, had claimed that despite hiring a private investigator, Mr Doherty cannot be located.
All that is known is Mr Doherty is somewhere in the UK.
Seeking the orders, counsel said Mr Murphy advanced €159,000 to Mr Doherty in 2017.
Counsel said Mr Murphy was introduced to Mr Doherty, who represented himself as an accountant and a financial advisor.
The money, which came from a trust fund and personal savings, was to be invested in a firm that provides home care to those with disabilities.
Counsel said the money was never invested with that company. His client had sought explanations from Mr Doherty.
When proper explanations were not forthcoming his client sought the return of the investment, counsel said.
Despite giving various assurances the money has never been returned by Mr Doherty.
Counsel said Mr Doherty had given excuses, including his ill health, as a reason for not returning the monies.
Counsel said that following a search his client could not find Mr Doherty listed as a member of any registered accountancy bodies in Ireland, Northern Ireland and the UK.
They also said that Mr Murphy fears that he may be the victim of a fraud and that he requires the freezing orders as the defendants may dissipate monies held in the bank accounts.
Ms Justice Reynolds, who earlier this week granted permission to serve short notice of the proceedings on the defendants, said she was satisfied to grant the injunctions sought.
The matter will return before the court in January.
