A judge has refused to order the extradition of a 73-year-old man wanted in the US in connection with a $26 million (£17.84 million) international banks fraud. Mr Albert Oldridge, of Caheragh, Drimoleague, Co Cork, also known as Mr J. Latter, faces 34 counts of fraud detailed in a warrant issued by authorities in Detroit, Michigan.
He is accused of wire fraud, mail fraud and aiding and abetting fraud against Swiss Cantobank, National Bank of Michigan and Mannistee Security Bank involving transactions of between $3.5 million and $15 million.
Dublin District Court heard the defendant joined a loan-fraud conspiracy in 1987 that involved an American dress designer, Elaine Moses, who set up "shell" companies to get the loans from the three banks. She told the banks she did business with a secret Oriental cartel that had a monopoly on the clothes trade in Europe and Asia and claimed to be reinvesting her profits.
It was claimed that Mr Oldridge's job was to "stall" the banks by pretending to be a representative of this cartel and saying the dress designer was owed millions of dollars: these profits were fictitious and the banks lost $26 million.
However, Judge Gerard Haughton said yesterday in a reserved judgment that the offences alleged against Mr Oldridge did not correspond to Irish law.
The State had argued that a corresponding offence would be obtaining money by false pretences, but there was no allegation in the US affidavit that the defendant had obtained any money or services, the judge said.
Because the case involved such "novel" and "peculiar" circumstances, he would prepare a case stated if the prosecution wished to appeal to the High Court, Judge Haughton said.
The defendant was remanded on continuing bail to January 21st.