A 46-year-old financial consultant perpetrated a huge fraud to fund a drug habit, a court heard yesterday.

Limerick Circuit Court was told that the man is now penniless and his wife and three children are destitute.

Before the court was Mr Pat Foote, formerly of Fairyfield, Parteen, Co Clare, who is the former managing director of the Irish Mortgage and Finance Bureau, O'Connell Street, Limerick.

He pleaded guilty to a total of 35 charges involving fraud and forgery of clients' money ranging from £270 (€342.83) to almost £100,000 and totalling £179,422.18. The offences are alleged to have taken place between April, 1996 and September, 1997.

He admitted 18 charges of fraudulently converting money from clients to his own use and 11 charges of forgery and three charges of uttering a forged document and three charges of obtaining money with a forged instrument, a withdrawal docket.

It took the court registrar 25 minutes to read the charges.

Defence counsel, Mr John Edwards SC, told the court that there were a number of good reasons why his client should not be remanded in custody pending the outcome of the case. He asked for an opportunity to hear evidence from a consultant psychiatrist in relation to his client.

"Part of the reason I am making this request is that the accused had a drug dependency problem and was also being treated for depression and alcoholism," he said. Judge Sean O'Leary said he would not make any decision until he had the full information before him. "I do not see much reason why the accused could not receive the treatment in custody while awaiting sentence," he said. Mr Brendan Nix BL, prosecuting, agreed with Mr Edwards that it was very difficult to get a medical practitioner in private practice to visit people in prison custody. The judge said he would be concerned if the question of psychiatric assessment and treatment was used as a system of keeping people who should be in jail out of prison.

"I know of cases in Dublin where there were frequent adjournments and this could give rise to a very unsatisfactory situation. You don't have to travel very far to come across examples which tend in that direction. I won't go any stronger than that," he added.

Defence counsel said his client was involved in a huge fraud and this was perpetrated to fund a drug habit. He was now penniless and his family was destitute.

The judge asked if there was any way the interests of the injured parties would be adversely affected economically by permitting this man another two months of freedom. Mr Nix, prosecuting, said the answer was no. The court heard that "there was no gold at the end of the rainbow for the injured parties" or that any of the money could be got back.

Judge O'Leary said he was very conscious of the victims and it was absolutely vital to give them consideration.

It was with great reluctance that he was further remanding the accused on bail to enable him to receive psychiatric and medical examinations.

The judge ordered that the accused surrender his passport, which was handed into court, and report twice weekly to Henry Street Garda station in Limerick. He must also make himself available to the State if it wished to have him medically examined.

The case was adjourned to the June sittings commencing on June 8th.