The TV personality and financial adviser Eddie Hobbs has found himself this weekend having to respond to complaints made by his former employer, Tony Taylor.

A former client of Mr Hobbs from his time at the Taylor investment group has made a €1.25 million settlement with the Revenue.

Dr George Lyons, retired, of Unacullen, Clahane, Ballyard, Tralee, has told The Irish Times that he did not inform Mr Hobbs at any time that some of the funds being moved were undeclared.

The former client moved more than €600,000 offshore with the help of the Taylor group in the early 1990s. Mr Taylor, in a complaint to the Irish Financial Services Regulatory Authority, has cited the case in support of his allegation that Mr Hobbs facilitated tax evasion. Mr Hobbs was at the time working for Mr Taylor.

The Taylor group collapsed in 1996 and Mr Taylor disappeared for a period before being arrested in England and brought home where he was tried and jailed for fraud.

Taylor group documents seen by The Irish Times show funds belonging to Dr Lyons being moved to Jersey from accounts in AIB and the Bank of Ireland, Tralee, for deposit with the Gartmore investment house, in December 1994. Mr Hobbs's name appears on some of the documents. Two of the three accounts opened with Gartmore were designated "ex-patriate".

Dr Lyons appeared on a tax defaulters' list late last year. His Revenue settlement involved tax of €327,518 and interest and penalties €928,486. "I am squeaky clean now," he said this week.

Asked about his dealings with Mr Hobbs, Dr Lyons said: "I don't think I would have ever said to him that some of this would have been from a bogus non-resident account.

"I wouldn't have spelt it out. I didn't bring it to his attention. There is no way I could ever say he did anything illegal," he said.

The Lyons case is one of two cases cited in Mr Taylor's complaint. Related documents have been seen by The Irish Times.

Mr Hobbs, in a statement, said that though the transactions may have occurred some 12 years ago he was still bound by obligations not to discuss clients' affairs.

"I can categorically state that I have never acted unlawfully. No charges or prosecution has ever been brought against me and neither do I expect any.

"You have asked me what was in my mind at the time and while I cannot comment on individual clients I can say generally that, had I formed an impression that monies may have formed part of a tax amnesty, then the issue of tax liabilities would not arise."

Mr Hobbs said Irish citizens were perfectly entitled at the time to invest in the wide choice of collective investments managed by international asset managers throughout Europe.

"At the time I was engaged to provide financial planning advice for clients... and I was never retained as an accountant or a tax adviser. The tax implications of any transactions in which I was involved were always a matter for each individual to disclose to the Revenue through his or her annual tax return and an advisory matter for the individual's accountant or tax agent."

As a general point, he said, the designation ex-patriate in Jersey would mean not resident in that jurisdiction.

Mr Hobbs is a member of the board of the National Consumer Agency, having been appointed by the Government during the summer. He recently fronted the hugely successful TV show, Rip-Off Republic.

Mr Taylor, in his complaint to the financial regulator, said Mr Hobbs was not fit to act as an authorised adviser.

Mr Hobbs has said the complaint from Mr Taylor was "vexatious". He said the liquidator of the Taylor group, Patrick McSwiney, has never expressed any concerns about his activities as a director of the Taylor group "and neither have I had any such issues with the financial regulator".

Mr Hobbs was a director of Taylor Asset Management when it went bust in 1996 with some millions of pounds of clients' funds missing. Mr Hobbs said he had left the business some time before that. However, he was still a director and had a 24 per cent stake when Taylor absconded and the group collapsed.

Mr Taylor fled to the UK but was subsequently extradited to Ireland and jailed for fraud.

Mr Hobbs said he was "instrumental in discovering Mr Taylor's well-concealed fraudulent activities in 1996 and in subsequently locating Mr Taylor... and bringing his whereabouts to the attention of the Garda".

The second former Taylor group client cited by Mr Taylor in his complaint to the regulator is another resident of Tralee who moved funds offshore in the early 1990s.

The late Eoghan McGillicuddy, proprietor of the Ballingarry House Hotel, Tralee, had dealings with Mr Hobbs in late 1993 and early 1994. Mr Hobbs explained the services that were on offer from the Taylor group and then met with Mr McGillicuddy to discuss his affairs.

Funds in excess of £1 million were moved from AIB Kenmare. Documents indicate instructions concerning the funds were given under a name other than McGillicuddy, and with an address at Cardiff, Wales. The issuing of these instructions was overseen by the Taylor group. Asked about this Mr Hobbs said he was still bound by professional obligations of confidentiality.

The documents seen by The Irish Times show a bank draft under the name associated with the Welsh address was issued by the Kenmare bank and sent by the Taylor group to Anglo Irish Bank, in the Isle of Man, with the bulk of the funds being invested with the Fidelity investment group in the US by way of the Channel Islands. One document states the account is an ex-patriate account.

The dollar equivalent of £20,000 was paid to the Taylor group as a "financial planning fee". Mr McGillicuddy's son, Patrick, who now runs the hotel, said he knew nothing of the matter and would be taking advice.

In his report to the High Court earlier this year the liquidator of the Taylor group, Mr McSwiney, said Mr Taylor had made a complaint to the financial regulator about Mr Hobbs and certain clients of the Taylor group.

"I was asked by IFSRA to assist in the investigation of the complaints as I had the files. Having completed initial investigations with the assistance of Mr Taylor, I reported back to IFSRA who are seeking legal advice.

"As it appears some of the files I investigated suggest the avoidance of tax by individuals I am of the view that I am required under S 299 of the Companies Act to report such offences. I have met with the Revenue to discuss the appropriate way to make such a report as the legislation was different when these alleged offences took place."

Later this year Mr McSwiney is expected to approach the High Court to seek a direction as to what he should do in relation to the complaint. The court may refer Mr McSwiney to the Office of the Director of Corporate Enforcement.

Mr McSwiney will also raise with the court the issue as to whether any of the directors of the Taylor group should be restricted under the Companies Act from acting as company directors.