Elderly Couple Lose €1.25m In 'Celtic Tiger Tragedy'

An elderly couple who lost their entire €1.25m life savings in a failed investment have won the case against the accountant and financial adviser charged with looking after their investment.

Describing the case as a "Celtic Tiger tragedy", president of the High Court Mr Justice Nicholas Kearns said that negligence had led to the life savings of the Dillons, of south Co Dublin, becoming "utterly worthless".

Justice Kearns granted judgment for the €1.25m plus interest against auditor and accountant Paschal Bergin, of Bergin and Associates and Patrick Muldowney, a financial adviser who practised under the trading name Muldowney Financial Services, and Event Horizon Ltd, a property development company with offices at Ulysses House, Foley Street, Dublin.

Mr Justice Kearns said he had no hesitation in holding Mr Bergin and Mr Muldowney negligent, adding that he did not believe it was a deliberate attempt to defraud, but it was negligence of a high order and beyond contradiction.

The Dillons had brought the proceedings for the return of the investment money of €1.25m which had been lost after a housing development in the midlands failed.


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