Accountant Alan Hynes told he must pay tribunal costs

The Chartered Accountants' Regulatory Board (Carb) has ruled against controversial Wexford account Alan Hynes in relation to the costs of his appeal against findings made against him last year.

The decision adds a further €150,000 to the €500,000 in costs assigned to him arising from hearings into complaints against him in 2014.

It is not known if Mr Hynes has paid any costs to date. He could not be contacted on Wednesday. A spokesman for the Carb would not comment.

The 2014 hearings heard complaints from investors who lost more than €18 million on a number of property ventures.

The disciplinary tribunal found Mr Hynes had been in breach of codes of ethics and principles that were meant to guide the profession in integrity, competence and truthfulness. Mr Hynes was the subject of multiple findings of misconduct and was barred from the Institute of Chartered Accountants.

The criticisms of Mr Hynes included breaches of the institute’s code, “unmitigated failures” in relation to his dealings with clients, and “unconscionable behaviour”.

Over the course of a 14-day hearing, the tribunal heard that investors put millions of euro into Tuskar Asset Management and other property ventures that Mr Hynes controlled. Much of the money was lost.

One investor, John Power, of Power Life and Pensions, Crossabeg, Co Wexford, told the tribunal the actions of Mr Hynes had consequences ranging from "bankruptcy to death".