The High Court has appointed a receiver over the assets of Dublin businessman, Mr Thomas O'Keeffe with an address at The Sweepstakes, Ballsbridge, Dublin.
Mr James McGillion, a Dublin solicitor, was appointed on the application of US investor, Mr John O'Neill, of Cleveland, Ohio, who is seeking information about $5 million (€5.55 million) he gave to Mr O'Keeffe to invest on his behalf.
In court yesterday, Mr Justice Kearns was told Mr O'Keeffe was believed to be an undischarged bankrupt since 1975.
The application was supported by six other clients of Mr O'Keeffe, including golfer Mr Des Smyth, who between them are trying to recover €700,000.
In an affidavit, Mr McGillion said it appeared Mr O'Keeffe caused 400,000 shares in HTTP Technologies to be bought using $1.6 million of Mr O'Neill's investment. The shares were subsequently registered by Mr O'Keeffe in the name of Mrs Rachado Dardari, who appeared to be the wife of Mr Majid Dardari, one of two managers who had apparently been in the employ of a company with which Mr O'Keeffe was associated, Manro Group International. It appeared the Dardaris were refusing to return the shares certificates to Mr O'Keeffe.
Mr O'Keeffe apparently had a share certificate for one million shares in HTTP transmitted to himself and had failed to account for its whereabouts. Mr O'Keeffe also held one million shares in International Cotton Company and had a number of bank accounts.
A number of bills from various stud farms in the south-west found by Mr McGillion indicated Mr O'Keeffe had horses at different studs, which would suggest a further asset.
Mr McGillion was given permission to institute proceedings in Britain, Switzerland and Germany.
In a decision following an earlier hearing, Mr Justice Kearns said Mr O'Keeffe had represented himself to Mr O'Neill as a personal investment manager with particular expertise in trading foreign debt instruments through banks based in Switzerland. He claimed he had a farm in Cork and owned a number of racehorses.
In July 2000, Mr O'Neill made available $5 million which he was told was being lodged with a company in Switzerland. The investment was to be for one year and transaction ideas were to be suggested either by certain named persons in Lloyds or by Mr O'Keeffe.
In October 2001, Mr O'Keeffe told Mr O'Neill the investment period had been extended to the end of that year. That caused Mr O'Neill concern and he received a fax that the value of his investment at the time was $9.8 million. Following further inquiries, he instituted legal proceedings.
