High Court freezes Dublin solicitors' accounts

silverharp

http://m.rte.ie/news/2010/0831/solicitors.html


normally I'd just say quelle suprise, but I knew them quite well after they left college, they were straight up guys . Makes you wonder what goes on in someones head to throw away the family business like that, I'm shocked

The High Court has frozen the accounts of a Dublin solicitors' firm after hearing that one of the partners in the firm used almost €2.5m of clients' money to gamble on stocks and shares.

More than half of that money had been due to go to the Catholic Church.

The court also heard that Ruairi Ó Ceallaigh of the firm Seán Ó Ceallaigh and Company, based in Phibsborough, double mortgaged four properties with a loan of €1.5m from AIB.

His brother, Cormac Ó Ceallaigh, who was also a partner in the firm, signed undertakings in relation to these properties.

Mr Justice Peter Charleton froze the firm's accounts and suspended the certificate allowing Ruairi to practice as a solicitor. He also ordered that Ruairi Ó Ceallaigh should not be allowed to dispose of any assets.

Mr Justice Charleton said there did not appear to be any dishonesty on the part of Cormac Ó Ceallaigh and he did not suspend his practising certificate. He allowed him two weeks to further clarify matters in relation to the undertakings....

Tom Young

Let's make sure that subsequent posters don't decide to vent here. Thanks.

sellerbarry

Know the family myself and I do know what goes on in someones mind when they are fighting a gambing addiction. I hope everything works out for them and their clients.

murrayp4

Very surprised to read this

johnfás

Very upsetting news for the O'Ceallagh family who I know to be of integrity. I just hope that his brother manages to rebuild a career for himself.

McCrack

It's sad to hear this particularly a long established family firm such as this. It's no excuse as each individual must take responsibility for their own actions but like the Lynn saga the banks were laisse faire back in the boom and facilitated with their lax regime rogue solicitors.

It's coming out of the woodwork now into the public domain and I am certain more will follow.

Amazotheamazing

McCrack wrote: »

It's sad to hear this particularly a long established family firm such as this. It's no excuse as each individual must take responsibility for their own actions but like the Lynn saga the banks were laisse faire back in the boom and facilitated with their lax regime rogue solicitors.

It seems one brother will have to take responsibility for his brothers actions. Awful to be betrayed in such a manner.

MagicSean

At what stage does the law society get involved with this kind of scenario?

antiskeptic

johnfás wrote: »

Very upsetting news for the O'Ceallagh family who I know to be of integrity. I just hope that his brother manages to rebuild a career for himself.

What's the prognosis on that? Does someone ever get the chance to come back from suspension for such a transgression?

johnfás

antiskeptic wrote: »

What's the prognosis on that? Does someone ever get the chance to come back from suspension for such a transgression?

I was referring to Cormac, against whom no order has been made by the court. He blew the whistle on his brother and Mr Justice Charlton stated that there was "no evidence of dishonesty by him or that he was anything but a responsible solicitor who had trusted his brother". However, despite not having any action against him personally, the accounts of his firm have been frozen and there is an obvious reputational damage which will make it incredibly difficult for him to rebuild a career for himself.

That is before one considers any liability which he might have based on the partnership. Their parents have also offered to sell their home in order to help pay the debts of the firm arising from Ruairi's actions.

In respect of the prognosis for Ruairi... I am sure it is unwise for us to consider the prognosis as the matter is still before the courts and we do not know the full details.

monkeypants

Gambling is an illness and he'll never fully recover from it. All the best to him.

Tom Young

Actually, I think we might stop this one now. The reason is that this is being returned before the Courts and I don't think we should allow comments on what may be yet to be determined. In saying this I have no problem with the above.