A MAN accused of depriving investors of €177,000 headed a company called Pear Shaped Resources, it was claimed in court yesterday. Donegal Circuit Court was told the company was set up in January 2004 in the British Virgin Islands and the share capital was in US dollars.
Thomas Elvin (50) faces 26 counts of operating as an illegal investor between 2003 and 2005 and of depriving people of their cash.
He is alleged to have committed the offences in Donegal town, Ballybofey and Cloghan, Co Donegal.
Patricia McLaughlin, prosecuting, said there would be evidence from six of the seven victims of a series of actions by Mr Elvin. The seventh, Elizabeth Duncan, has died. Following the death of her husband John and receipt of his insurance policies, Ms McLaughlin said, Ms Duncan and her daughter invested all of their savings, €102,034, through Mr Elvin.
“None of that money was returned,” Ms McLaughlin added.
When the charges were read to him, Mr Elvin said clearly to each before Judge John O’Hagan: “Definitely not guilty.”
The trial continues.