Three Irishmen were convicted in a Bangkok court yesterday of conducting a share trading business without a licence, following a three-year international investigation involving the FBI, Australian Federal Police and the Thai authorities.
The three Irish men, along with three Britons and one Australian, avoided a prison sentence for their role in the so-called "boiler room" case after more serious charges of fraud for allegedly selling non-existent stocks were dropped. The fraud charges carried a maximum prison term of 10 years.
The men, all former executives of the Bangkok-based Brinton Group, were given two-year suspended sentences and a fine of 200,000 baht (€4,067).
Two of the accused, Mr John Martin Kealy from Nenagh, Co Tipperary, and Mr Ronan Joseph Murray from Dún Laoghaire in Dublin, last night told The Irish Times they would meet their lawyers early next week to consider appealing. The third Irish man, Mr Paul Mary Hickey, was not available for comment.
Speaking from Bangkok, Mr Kealy said he was "delighted" with yesterday's verdict, which he and his co-accused were in court to hear.
"It was one of the biggest cases ever in Thailand involving foreigners and all they have been able to come up with is a two-year suspended sentence," he said. "I see this very much as a victory for us. It was ridiculous that the trial even went ahead. I think the suspended sentences were face-saving for the Thai authorities because the case had been so high profile."
While the three were convicted of operating without a licence, Mr Kealy insisted they had taken legal advice before they started business and this advice was that they did not need a licence.
"I'm 100 per cent relieved at the verdict. But at the end of the day clients [of companies other than Brinton] lost money because the Thai authorities didn't do their job properly. We were made the fall guys for other operators who did things wrong and then left Thailand."
Mr Kealy (39) is involved in running two Irish bars in Bangkok and said he had no plans to leave Thailand.
The investigation first came to light in July 2001 when the seven Brinton Group executives were arrested. Some 73 other non-nationals, mostly young backpackers who sold shares over the phone for Brinton, were also arrested in Bangkok but were later freed and deported.
"It's a major relief for me that it's all over and a relief for a lot of people who know me. Obviously we were hoping for a not guilty verdict but it hasn't worked out that way. I just want to get on with my life now, said Mr Murphy (31)
"They said we needed a licence to operate but all along our advice was that we didn't. I was never concerned that we would go to prison, not based on what we had done [while in business] and what our legal advice was".
Like Mr Kealy, Mr Murphy said he was no longer involved in selling shares.
