A Donegal man has been accused of depriving investors of €177,000. Thomas Elvin (46) appeared at Dungloe District Court, Co Donegal, yesterday, following his arrest at his home at Meencargagh, Clar Road, Ballybofey, on Monday night.
Judge Desmond Zaidan was told further charges would be preferred in what has been a long and "intensive" investigation.
Sgt Gerard Mullaney told the court that when Mr Elvin was charged he replied that he had nothing to say.
The court heard the charges were brought under the Investment Act 1995 and related to a number of events dating back to December 2003.
Sgt Mullaney said there were six complaints from people who handed over money for investment in high-interest accounts and for the purchase of shares. The total involved in the complaints added up to €177,000.
"The money seems to be lost with no chance of recovery." He added that the State was alleging Mr Elvin was not licensed as a broker by the Financial Regulator.
Garda Insp Sylvie Henry said the Director of Public Prosecutions intended that the case go forward to a higher court for trial by a jury.
When Judge Zaidan asked why it took so long to bring the charges, Insp Henry said: "It was a rather intensive investigation. There may be further charges pending."
Mr Elvin faces four charges of holding himself out to be an investment business firm without authorisation.
The offences were said to have occurred on December 18th, 2003, at Orchard Drive, Donegal town; on February 23rd, 2005, at Cloghanmore, Cloghan; at Jackson's Hotel, Ballybofey, on March 21st, 2005; and at St Ernan's, Donegal town, on March 22nd, 2005.
Bail was fixed at a total of €30,000 - Mr Elvin's own surety of €10,000 and an independent surety of €20,000, of which half had to be lodged in cash in court.
The case was adjourned for three months for preparation of the book of evidence.
Judge Zaidan was told there would be an application at a later stage for legal aid and Insp Henry said the prosecution would be objecting to it being granted.