# Prime Time -- Custom House Capital ???



## mercman (22 May 2014)

Prime Time put on a very good show tonight all about the misgivings of Custom House Capital. After all the irregularities this was classed as a Ponzi scheme by the judiciary. Guess what, for those that didn't see the program nobody has been charged. The Fitness and Probity section of the CB have stated that in the main all is OK.

Therefore f you invested with providersa that will not answer your questions demand your money back, as if you have a problem now, this might as well be classed as a further loss.

Use your head not your heart. If it smells bad now it really is probably near rotten.


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## Palerider (23 May 2014)

+1, I am aware of one person who invested with Custom House in a cash fund, it could not have been more conservative, these funds were moved by persons unknown within CHC and the funds are almost totally lost.  

At least with property you can see and touch it.


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## Bronte (23 May 2014)

And what is the punishment for the people who ran this company?  Have the investors lost everything?


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## AlbacoreA (23 May 2014)

Bronte said:


> And what is the punishment for the people who ran this company?  Have the investors lost everything?



According to the programme, some investors lost hundreds of thousands and apparently even funds left in bequests by parents of disabled and sick children were also effected. 

I don't really understand how no one was charged. Or how the central bank / regulator has no responsibility or penalty here either. Baffling.

I remember some comments about Ireland being one of the most corrupt countries in Europe. I didn't realise how true it is.


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## mercman (23 May 2014)

Bronte said:


> And what is the punishment for the people who ran this company?  Have the investors lost everything?



There is no punishment against the people that ran this company. They got away with it simple as that. And as for thr CB stopping them, what a joke.

To anybody thinking of investing in Irish Financial products, keep your money in your pocket.


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## Bronte (23 May 2014)

I didn't watch the progamme, yet.  

Is it true to state that invesments in Irish companies offers no protection if those that run them are not kosher?

Is it true to state that those who run investment companies badly are committing no offence. 

Is it true to state that the Central Bank has no oversight or responsiblity for how investment companies are run.


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## Brendan Burgess (23 May 2014)

Niall Brady wrote a good eBook on the story. I have reviewed it here

http://www.askaboutmoney.com/showthread.php?t=172083


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## Delboy (23 May 2014)

Mulholland, 1 of the head honcho's in CHC, now runs his own Pensions business with offices on Leeson St.
Apparently he's passed all the probity and fitness tests as set down by the Financial Regulator according to a report from his solicitors on last night's show. 

'Plus ça change, plus c'est la même chose' in this gombeen country


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## mercman (23 May 2014)

Delboy said:


> Mulholland, 1 of the head honcho's in CHC, now runs his own Pensions business with offices on Leeson St.
> Apparently he's passed all the probity and fitness tests as set down by the Financial Regulator according to a report from his solicitors on last night's show.
> 
> 'Plus ça change, plus c'est la même chose' in this gombeen country




God help anybody who is thick enough to invest money with him, through him or by him. Banana Republic et all, all over again.


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## mercman (23 May 2014)

Bronte said:


> Is it true to state that invesments in Irish companies offers no protection if those that run them are not kosher?
> 
> Is it true to state that those who run investment companies badly are committing no offence.
> 
> Is it true to state that the Central Bank has no oversight or responsiblity for how investment companies are run.



The CB regulate Foreign Firms and try to stop them operating in this Country. Yes they do take cases against Irish firms, but its very seldom. The only thing Kosher about Irish Investment companies is the Bacon butties and the Ham sandwiches, coupled with the Pork Sunday lunch !!

Take it from me somebody who knows the Investment scene here and the meaning of Kosher.

The Central Bank has plenty of responsibilities but they simply do nothing absolutely nothing. Some of the biggest Irish Cos in the business operating in Ireland, would be closed down if they were operating in another  jurisdiction.

So anybody reading this and contemplating investments in Ireland, keep your money in your pocket.


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## Grizzly (23 May 2014)

So much for Matthew Elderfield's great new world.

[broken link removed]


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## Steven Barrett (26 May 2014)

The Central Bank and KPMG comes out of this very badly. And rightly so. The Central Bank have admitted that they were more focused on ticking the boxes than actually looking into what was going on. They allowed people to continue to invest and have their money stolen while this was going on, thinking they should give CHC the chance to fix it rather than serving to protect people's money. 

KPMG got rewarded with their inability to discover this fraud by being given the insolvency of CHC. They are now billing the clients of CHC for their own fees! I spoke to someone recently who has a letter from KPMG asking for €1,000 to cover insolvency fees if he wants to transfer his fund out! Insolvency fees are to be paid by the company. Pension funds are segregated funds and are not an asset of the company. 

I was at a CHC investor meeting a number of months ago. The thing that struck me was the age of the clients. The vast majority were in their late 60's onwards. They shouldn't be worrying about things like this, they should be enjoying retirement. I have been contacted by numerous CHC investors since looking for information. The problem is there is none. People have had their money robbed and no one is keeping them up to date on what is happening. It is a disgrace. 


Steven
www.bluewaterfp.ie


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## mercman (26 May 2014)

Steven,

You have hit the nail on the head with your post. When all are listening to the radio, day after day and hour after hour, it holds advertisements stating that the Financial Providers are regulated by thw Central Bank of Ireland etc etc. The hard cold fact of this it means shag all.

After their investigation both before, during and after they were alerted to the facts and as the official entity whose role it is to stop this kind of practice, they continued to allow this company to operate and in turn leave Investors severely out of pocket.

How many times has this happened ? How many more times will it happen ? Unless the Central Bank are prepared to police the |Investment market in this country, there is little point in takng the matter of regulation with any seriousness in this country.

The department in the CB that deals with Fitness and Probity are a complete waste of time. I know of cases where persons that had their licences revoked but still they continue on selling Financial Products with the same carelessness.

So CHC broke the rules and were found out. But the persons concerned will be back and will continue on relieving persons of their money.

I's like to suggest that any persons left with any money in this country do the honorable thing for yourselves. Take your money elsewhere but please do not delve into anything that is under the Regulation of the Central Bank of Ireland.

And it really is not funny simply because the only ones that are laughing are the purs scoundrels that cause the wrongdoing in the first instance and get away with it


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## Steven Barrett (26 May 2014)

mercman said:


> I's like to suggest that any persons left with any money in this country do the honorable thing for yourselves. Take your money elsewhere but please do not delve into anything that is under the Regulation of the Central Bank of Ireland.
> 
> And it really is not funny simply because the only ones that are laughing are the purs scoundrels that cause the wrongdoing in the first instance and get away with it



Ironically, John Mulholland is the man to help you do that! He's heavily promoting pension transfers to other jurisdictions, something most financial advisors won't touch with a barge pole. 


Steven
www.bluewaterfp.ie


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## mercman (26 May 2014)

SBarrett said:


> John Mulholland is the man to help you do that! He's heavily promoting pension transfers to other jurisdictions, http://www.bluewaterfp.ie



Well if the industry is anyway transparent, who don't others in the same business challenge the CB to this, and which may, just may, put some credibility into their industry.


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## Delboy (26 May 2014)

Heard that there is more people working in the Accounts offices (Financial, Management) than there is in the Regulator's office....and this despite all the rhetoric from the Authorities post crash.
Says it all really


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## mercman (26 May 2014)

Delboy said:


> Heard that there is more people working in the Accounts offices (Financial, Management) than there is in the Regulator's office....and this despite all the rhetoric from the Authorities post crash.
> Says it all really




Exactly, Exactly, Exactly. 

I rest my case your honour.


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## Steven Barrett (26 May 2014)

mercman said:


> Well if the industry is anyway transparent, who don't others in the same business challenge the CB to this, and which may, just may, put some credibility into their industry.



There was a court case over this recently where a client wanted to move funds to Malta. Canada Life wouldn't allow it because there was not a bona fide reason as per the Revenue guidelines. The court found in favour of the client saying that they don't have to move there for it to be a bona fide reason, they may just like the investment options there! 

People will always look for a way to get out of paying tax and there will always be people who are willing to push the law to the limit. 

Steven
www.bluewaterfp.ie


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## Gerry Canning (26 May 2014)

Mr Central Bank continues to prove that he is neither capable of , nor willing to do his appointed job. 

Mr Central Bank can only be sued for wilful negligence.
I am told proving wilful negligence is beyond the capability of us normal folk?


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## mercman (26 May 2014)

SBarrett said:


> People will always look for a way to get out of paying tax and there will always be people who are willing to push the law to the limit.
> http://www.bluewaterfp.ie



Maybe and Perhaps, but for those that are empowered to regulate the law to do nothing is pretty disgraceful


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## Steven Barrett (26 May 2014)

mercman said:


> Maybe and Perhaps, but for those that are empowered to regulate the law to do nothing is pretty disgraceful



I agree. To know about what was going on in 2007 and do nothing is a disgrace. People's lives have been ruined from what went on in CHC yet no one is being held accountable, neither the directors of CHC nor anyone in the CB who took CHC's word for it instead of actually checking to see if money was being stolen. When Appian took over the client bank, they discovered this immediately. 

As an authorised advisor, I have to contribute every year to a compensation fund for people who are the result of fraud. So all the honest, good advisors have to pay for the rest. There has been just 1 payment from Fund B of the ICCL fund and that was for £4,800. So advisor fraud is not really an issue but we are being tarred with the same brush. 


Steven
www.bluewaterfp.ie


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## mercman (26 May 2014)

The majority of Investors do not know about the existence of the ICCL_. _If they were known about, I would say that many investors that have been subjected to incorrect procedures would have gone knocking. Let's face it and from reading about past cases the FSOB is not what you'd call user friendly for persons that have been missold Investment products.

As for the Central Bank and if contacted  by an investor, they will quote some section of some act and a sub section which covers them from releasing any details and allows the offenders off the hook. Pure Gobblegook in a Banana republic.


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## Gerry Canning (26 May 2014)

Sbarrett/Mercman;

I disagree.
Our Central Bank has done a wonderful job of ensuring that their cronies in Financial Services remain untouched , whilst giving the impression that Central Bank is an actual Regulator.

Ally this to the occasional trumpeting of Central Bank guidelines and Mr Consumer believes all is well in the Land of the Regulator.
Sure it was only the (little) people that were conned.

Rant over!


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