A former solicitor described as a “devout Christian” stole €2.8 million from the accounts of seven clients of his family’s law firm and used the money to fund investment properties and buy stocks and shares.
Judge Mary Ellen Ring said that Ruairí Ó Ceallaigh (42) had used the money for the "ultimate in gambling" and had then "gambled on the gamble".
Det Sgt Paschal Walsh told the Dublin Circuit Criminal Court that one theft involved €1,551,366 from a client who had left his estate to the Archdiocese of Dublin.
Ó Ceallaigh used this to invest in property and pay for renovations on this property, pay stamp duties and to clear a mortgage on another property.
Ó Ceallaigh of Collegeland, Summerhill, Co Meath, pleaded guilty to seven counts of dishonestly appropriating a total of €2,816,566, the property of Seán Ó Ceallaigh and Company and having designated these sums as credited to seven named clients’ accounts on dates between July 2006 and May 2010.
The offences are contrary to Section 4 of the Theft and Fraud Offences Act and the individual sums of cash range from €75,000 to €1.55 million.
Ó Ceallaigh told gardaí he took the money from the accounts with the intention of paying it back and had used it to buy shares in the hope that share price would go back up.
“I was under the false belief I could make the money back on the stock market and make right the wrong that I had done,” he said.
Det Sgt Walsh said the Law Society has paid out compensation to six of the victims but did not cover the loss to the Dublin Archdiocese because the compensation fund pays out to a maximum of €700,000.
Firm set up in 1958
Pádraig Dwyer SC, defending, said his client’s father had set up the law firm in 1958.
Mr Dwyer said his client is deeply ashamed and filled with remorse and wished to apologise to all the people he has hurt through his actions.
Judge Ring said that Ó Ceallaigh’s full co-operation with the Garda investigation and his admissions and early pleas of guilty had meant that a complex investigation and trial was avoided.
She remanded him on continuing bail and adjourned sentencing until July 18th.