Taylor's legal input returns to haunt him

The arrest of Tony Taylor in southern England raised several interesting points, apart altogether from when he will be successfully extradited to the Republic to face a battery of charges relating to missing investor funds at his former brokerage Taylor Asset Management.

The first was the juxtaposition of the relative affluence of his exile when placed alongside the clients of the St Vincent de Paul, which is still missing £180,000 placed in the care of his company. Being on the run can't be all bad when accommodation is a comfortable home in a British resort and entertainment a trip to one of the local golf courses or a flutter on the Internet.

Then there is the embarrassing news that the might of the Irish and British police forces were beaten to the punch by a group of private investigators acting for person or persons unknown.

And finally there is the supreme irony that Mr Taylor, if extradited, will be the first person to face prosecution under section 79 (8) of the 1995 Investment Intermediaries Act, a piece of legislation he himself helped draft. Worse still is that this section, under which he faces the stiffest penalties compared with the other charges, relates to the destruction of documents.