A man who got involved in a real estate fraud has been jailed for two years for theft and aiding and abetting money laundering.
Martin Roche (62), who currently lives in Spain, agreed to become the director of a company in 2012 that encouraged investment in a fictitious social housing scheme in Brazil. The company was later struck off in November 2014.
Two men agreed to invest funds on the promise of a certain return on their investment, with one man contributing €183,444.54 to the scheme and another man contributing €5,000 and $6,900.
Roche, with an address in Zaragoza, Spain, pleaded guilty at Dublin Circuit Criminal Court to theft and money laundering on dates between 2012 and 2013.
The court heard that various bank accounts owned by Roche were used to facilitate the laundering of the cash, with a total of €271,958 passed through these various accounts. At one point, Roche stole €69,000.
Detective Garda David Egan said the man who was in charge of the operation has not been identified by gardaí.
Various official documents including partnership agreements and contracts had been given to the victims of the fraud but they contacted gardaí when they did not receive the promised return on their investments.
Judge Martin Nolan said Roche’s bank account had been used to launder money and that he also stole some of the cash himself.
The judge accepted his pleas of guilty and evidence that Roche co-operated with the investigation, but noted it was “serious criminal behaviour” and Roche involved himself with “particular dodgy individuals”.
Judge Nolan said Roche’s misbehaviour “is too great to avoid a custodial term”, jailing him for two years.
Real estate
Det Gda Egan said Roche agreed to become director of a company that was responsible for development and selling of real estate and was an authorised signature of the bank accounts linked to the company.
The two victims later told gardaí they received cold calls from a male, advising them of an investment opportunity in a social housing development in Brazil and promising them a 15 per cent and 30 per cent return on their investment.
Gardaí were notified when the company promised the funds, but they were never processed. The two men tried to make contact with the company, but their queries remained unanswered.
Gardaí contacted the Brazilian authorities, but it soon became apparent that there was no such development.
Roche was identified as a suspect, as he was the signature on the accounts and had been registered as a director of the company.
Det Gda Egan said a total of €294,618 had been lodged into the account over the period, and €271,958 had been transferred between the various accounts.
Roche came voluntarily to Ireland from Spain in November 2022 and was interviewed by gardaí.
He admitted that he agreed to become director of the company and had been promised a wage and commission.
He said he had been told it was a legitimate business, but added that it became obvious the man had been stealing.
Front
Roche denied stealing any money from the investors but admitted that he flew home in February 2013 when he became aware money was about to be lodged into his account and accepted that he stole that €69,000.
He said wages had been owed to him, the court heard.
Roche agreed he had been reckless in allowing his bank account to be used, but said the man in charge of the operation never told him he would use the account to launder cash.
Det Gda Egan agreed with Seoirse Ó Dúnlaing BL, defending, that he had been used “as a front” by another individual, an individual that was identifying vulnerable people and preying on them.
He further accepted that Roche had a severe gambling addiction at the time of the offending.
Mr Ó Dúnlaing told the court that his client had pleaded guilty at the earliest opportunity because he “wanted to put matters right”.
Counsel also told the court that a number of years ago, Roche came to the assistance of a man who had just been attacked and helped save the man’s life.
He asked the court to accept that Roche is someone “who can do good”, and that although it was a sophisticated offence, he was used by others in this case.
