A father and son claim €130,000 they believed was being invested for them in Citibank was misappropriated in a sophisticated fraud, the High Court has heard.
Paul McCarthy, from Graigcullen, Carlow Town, and his father Callaghan McCarthy transferred the money in March 2023 to a bank account held by a company through which Philip Andrews, of Clermont Manor, Blackrock, Co Louth, was the beneficiary, it is alleged.
It is claimed that it was held out to the McCarthys that the money was being invested by an individual or individuals employed by Citibank.
On Friday, Judge Siobhan Stack granted Jarlath Ryan, for the McCarthys, an order freezing the assets of Andrews and Pridolian below €130,000.
The application was made with only the McCarthy side represented.
In an affidavit, Paul McCarthy said that between March 10th and 27th, 2023, they made transfers to an AIB bank account number provided by…
This category refers to crimes committed by employees or insiders against their own organizations. It is often the most damaging because the perpetrator has authorized access to systems.
- Asset Misappropriation: The most common form, involving the theft of company resources. This ranges from simple “skimming” (taking cash before it’s recorded) to complex schemes involving the theft of inventory or intellectual property.
- Payroll Fraud: Employees may create “ghost employees” on the system, falsify their own timesheets to claim unworked overtime, or divert salary payments to their own accounts.
- Financial Statement Fraud: Management deliberately misrepresents the company’s financial health by inflating revenue or hiding liabilities to attract investors or meet performance bonuses.