High Court grants judgment of €159,000 against financial adviser

A €159,000 judgment has been granted against a financial adviser alleged to have used an investor’s funds for his own personal use.

The order was made by Ms Justice Leonie Reynolds against James Doherty.

The judge also directed that gardaí bring Mr Doherty before the High Court to answer his alleged contempt of court.

Late last year, the judge made various orders freezing the assets of Mr Doherty and of two of his companies over alleged failure to return €159,000 advanced to him as an investment.

Orders

The orders were granted in favour of Jamie Murphy who claims Mr Doherty, trading as Demvera Capital Partners, has used the money advanced to Mr Doherty in 2017 for his own personal use.

Mr Murphy claims the monies were to be invested in a company that provides care for people, but the money never went where it was supposed to go.

Mr Murphy of St Anne’s Park, Shankill, Co Dublin made several requests for his investment to be returned to him but claims Mr Doherty has failed to do so.

In December, Mr Murphy’s lawyers secured freezing orders against James Doherty trading as Demvera Capital Partners, with a registered address at Serpentine Business Park, Ballsbridge Dublin 4 and a related company Demvera Trust Unlimited Company, with an address at Burnfoot Business Park, Burnfoot, Co Donegal.

The orders prevent the defendants from reducing their assets, which include sums held in two bank accounts in Co Dublin and Donegal, beneath a value of €159,000.

Mr Doherty, who allegedly represented himself as an accountant and a financial adviser and is understood to be in the UK, was also ordered to produce a list of all his assets within four weeks.

The matter returned before the High Court on Thursday when Eugene Gleeson SC told the court the money had not been returned and Mr Doherty had not complied with the order to furnish the court with details of his assets.

Counsel said there had been email correspondence with Mr Doherty, who said he was unaware the case had been listed for Thursday, and he had not retained a lawyer to represent him.

Mr Doherty also sought an adjournment, counsel said.

Assertions

Counsel said his client rejected Mr Doherty’s assertions and said Mr Doherty was aware of the case brought against him and his companies.

Mr Doherty never attended court on any occasion the case was before the court, nor had any lawyer ever come on record to represent him, counsel said.

In the circumstances, counsel said his client was seeking an order for Mr Doherty’s attachment and committal to prison for being in contempt of court and was also seeking an order for judgement of €159,000 against Mr Doherty.

Ms Justice Reynolds said she was satisfied to grant judgment in favour of Mr Murphy and ordered that Mr Doherty be brought before the court in a week’s time.