Financial Services manager won't face third trial over alleged role in €61m fraud conspiracy

The Director of Public Prosecutions has decided not to pursue a third trial against a financial services manager accused of involvement in an alleged €61 million fraud conspiracy at Custom House Capital. Ciara Kelleher, aged 53 and formerly senior portfolio relationship manager at the firm, faced one count of conspiring with others to defraud investors by misleading them about asset placement between October 2008 and July 2011. Two juries failed to reach verdicts in successive trials. At Dublin Circuit Criminal Court on Thursday, a Nolle Prosequi was entered, dismissing the charge against Ms Kelleher, who had denied wrongdoing. Four other individuals connected to the scheme previously pleaded guilty to related offences and received sentences ranging from twelve months to six years and ten months. High Court inspectors found approximately €61 million in client funds had been misappropriated, with €41 million subsequently recovered and €39 million returned to clients by March 2023.