The actions of Wexford businessman Alan Hynes have caused consequences that range from "bankruptcy to death", a man who invested money in a company run by Mr Hynes has told a Chartered Accountants Disciplinary Board (Carb) tribunal.

John Power, of Power Life and Pensions, Crossabeg, Co Wexford, said that one investor in Tuskar Asset Management, a property development company established by Mr Hynes in late 2006, had asked him before he died in 2011, to promise that he would "get justice".

The Carb tribunal was hearing evidence today on the third day of the hearing into complaints against Mr Hynes. A number of the complaints relate to his actions in relation to Tam, which is now in liquidation, and which raised millions of euro from investors to fund property development projects.

The tribunal has heard that Mr Hynes got investors to sign powers of attorney allowing him to raise bank loans for Tam and that Mr Hynes signed joint and several bank guarantees on behalf of the investors while borrowing funds for Tam.

When called to give evidence this morning, Mr Power asked if he could begin with a personal statement. He said he had witnessed too much suffering, hardship and financial destruction that in his opinion has been caused by the actions of Mr Hynes.

“In particular, by not informing investors about personal guarantees, he has unleashed a financial tsunami that has destroyed lives and still hangs over investors to this very day. Bank of Scotland Ireland wrote to investors just before Christmas calling in the personal guarantees.”

He said some investors had been ruined financially while others were suffering ill health. “Dr Nicholas Mahon paid the ultimate price,” he said. “The financial stress and strain played very heavy on Nick and his health suffered as a result of this and before he died on June 4th 2011, he made me promise him that I would see this process through and get justice.”

Mr Power said he and his wife invested €300,000 in property ventures proposed by Mr Hynes after he and the Co Wexford accountant had become personal friends. Their families had holidayed together. He described Mr Hynes as “cunning, clever and conniving”.

He told the tribunal that he was one of 15 investors who had made statements to the Garda Fraud Bureau and he urged other investors to do likewise. “They have nothing to fear or be ashamed of in telling their story to the Garda.”

He also criticised the Carb process saying he had made his complaint in January 2009 and it had taken five years for the tribunal to come about. Investors found the whole process was “very one-sided, and by that I mean in favour of the member [Mr Hynes],” up until the Chartered Accountants Ireland complaints committee decided Mr Hynes had a prima facia case to answer. Some complainants were totally put off progressing their complaints as a result of how the complaint was handled.

Mr Power said he became a director of Tam after it was incorporated in late 2006 and that he helped put in place structures that allowed people put their pension money into the investment vehicle. He said some of these were clients of his financial services company. He said although he was on the board, he did not see management accounts for Tam. He was told by Mr Hynes that his accountancy firm, Hynes & Co, which was providing management services to Tam, didn’t have the necessary software as yet.

“I trusted Mr Hynes,” he said. He said he never saw the bank guarantee documents that were signed on his, Mr Power’s behalf, by Mr Hynes. Mr Hynes “never explained to us that he was stitching us into” joint and several guarantees, he said.

The tribunal continues.