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BREIFNE O’BRIEN HAS been jailed for seven years today for duping his friends and associates out of millions of euro during the boom.
So how did the Corkman become known as the “Ireland’s Bernie Madoff”?
His lavish lifestyle was well documented in Dublin’s social pages with photos of his wedding to Fiona Nagle showing the pair smiling to their 300 guests – O’Brien choosing a white suit with a red tie for the big day.
Where did he come from?
He left Trinity College in the late 1980s – where he made the friends that he would later con out of millions.
O’Brien started out in business by running a laundrette in Rathmines; he then tried a diner but that didn’t last long – it went bust a year after it opened in 1993.
It wasn’t long before the businessman found property. He became an ‘investment adviser’. He would give clients ‘exclusive rights’ to buy or sell properties within a set time at a set price.
Seven years ago, the Irish Independent reported that O’Brien and his then wife Fiona enjoyed a Christmas break at the only seven-star hotel in the world. He now looks forward to the next seven behind bars.
In December of 2008 – one year after that expensive trip to Dubai – O’Brien’s elaborate pyramid scheme unravelled.
Dearbhail McDonald’s book, Bust, describes how it was the end of a glittering life when the fraud squad raided the family home taking his art collection and Aston Martin to the Sheriff.
How did it all go wrong?
The 52 year old, originally from a large ancestral pile called Carrigrohane Castle in Cork (pictured above) but living in Monkstown Grove, Dublin, deceived and stole €8.5 million from five investors between 2003 and 2008.
He ran a classic pyramid scheme, convincing people he knew to put down large deposits for business ventures that didn’t exist.
He deceived them into believing that he was linked to property schemes in Paris, Manchester and Hamburg and a shipping insurance scheme – but it was all lies.
He used the money to fund his lifestyle and pay for investment properties abroad, an extension to his home and a new car for his then wife.
At one stage he had 83 bank accounts in his own name, or run through various companies.
The Ponzi scheme ran for almost 15 years before it all came crashing down leaving O’Brien in the position he finds himself today – divorced, with limited access to his children and looking at the next 7 years in a cell.
Who did he deceive?
O’Brien’s victims were his friends, people he knew from his time studying economics in Trinity and people who were part of his social circle.
They went to each other’s weddings and christenings and even holidayed together.
O’Brien admitted that he would invent the bogus deals, get money from an investor and when the time came to pay the investor – he would convince them to reinvest in yet another made-up deal.
If he couldn’t convince them – he would just find somebody else who was willing to invest and pay them off with that cash.
He told Brian Quigley, a solicitor who represented many investors, that:
It was easy to pull the suckers in when things were booming.
He pleaded guilty to 14 sample counts out of a total of 45 theft and deception charges between 2003 and 2008, at Dublin Circuit Court last June.
Of the €8.5 million stolen by Breifne O’Brien only €420,000 has been recovered so far and he owes further amounts to other creditors.
The five victims were-
He has now signed documents to help creditors recoup money from any of his remaining assets but the court heard today that his five victims are unlikely to see any benefit.
The businessman has received three and a half years for the deception charges and seven years for the theft charges.
A week before what is expected to be a modest Budget 2015 announcement, the conclusion to the tale of Breifne O’Brien mirrors the rise and fall of the Celtic Tiger. He lived beyond his means and didn’t think to the future… but now, finally, it has caught up with him.
There are hundreds of teachers who are not on full hours who struggle on less than the welfare class and then don’t get paid during the summer because their contacts don’t run during the summer. At least they work during the summer contributing something positive to the community and the state unlike people who are collecting every state benefit they can get their hands on (I’m not including people who genuinely want to work in this)
That’s a real conquer and divide statement. Unemployed people have nothing to do with the way that teachers are treated by this government.
I don’t see why teachers are being constantly targeted. They, along with Gardai and nurses, had lower wages than most private sector workers during the boom, and definitely did not take out huge loans like so many private sector workers because they knew they could never pay them back. Obviously I’m not saying every private sector worker took out huge loans but teachers and nurses definitely can’t be blamed for the recession, unlike some of their private sector counterparts.
So you have been fooled with this conquer and divide stuff too. Make the governments job easier to pick off one group at a time by beleaving that. The gov would love everybody to believe that some other class of worker caused the recession. The blame is at the bankers door aided by the last two governments
What’s that conquer and divide sh1te? All I’m saying is that, for people who had no hand in causing the banking collapse, teachers, nurses etc are getting the most criticism.
There are 100s of teachers unemployed or on very little hours!! teachers pay is actually spread out over the 12 months if u were a sub teacher who didn’t get paid during the summer your hourly rate is higher during d school year. People who say negative comments about teachers should really try it for a week and I can guarantee you wouldn’t be saying these comments!
Rodrigo- if I were you I’d keep your children at home and home school them – clearly teachers are just glorified babysitters to you. By the sounds of things you know it all!! Degrading an entire profession with the sweeping statement of ‘part-time’ workers!
Sharon. I’m only calling it as I see it. 20 hours per week is only half of the 40 I work, then when you consider the 4 or 5 months holidays, it probably only becomes 14 or 15 hours per week. So you can imagine how frustrating it is, when your child comes home and tells you his or her teacher didn’t turn up once again. I’m talking to other parents, and they’re as frustrated as I am.
Where did you pluck 20 hours a week from? If you are trying to prove a point don’t make up BS to back it up….
Rodrigo you work 40 hours per week?
Secondary teacher = 22 hours class contact time
10 hours prep work per week before class and after class
8 hours corrections per week at home
2 hours per week supervising pupils
8 hours per week coaching and Saturday matches free of charge.
That’s 50 hours per week. Lucky you with your 40 hour week. :)
oh yeah I can see all the teachers diving on those positions! They won’t want to give up 2-3 months pay sitting at home doing nothing, I think jobs like that should be compulsory.
I don’t.
Teachers have a big responsibility with students & a lot of them are underpaid. The summer break is their just reward.
Why is it most good news story’s open with someone moaning?
Jesus….
Ssshhh Steve no tears
how is it a good news story???? its 280 jobs for people currently EMPLOYED, not for people desperate to find a job!
Many teachers are not employed , and plenty more are subbing and will receive no summer pay.
Show me a teacher that’s underpaid, and I’ll show you a Government TD that doesn’t tell barefaced lies.
You idiot, walk into any school and there are teachers who have to work a second job to make ends meet.
Not all teachers get paid for the Summer. Some, in particular newly qualified teachers are on short term contracts or casually subbing & so have to find other means of employment once school finishes.
I’m glad you have stereotyped 60,000 teachers there. I really enjoy reading people like you degrade the entire profession in one ill informed comment, so go on, what is it? Didn’t get enough points yourself to do it? Or was there not enough prestige in teaching relative to what career path you choose? Go enlighten me…
I honestly don’t see any teacher I know who has a full time job even entertaining the notion of applying for these jobs. It would be an insult to the newly qualified teachers who need them as they do not get paid for the summer.
@elaine homan – these camps provide jobs for a lot of young teachers who were unable to secure a position during the school year while also offering them some valuable experience. It is these unemployed teachers who are most likely to apply for these jobs therefore marking this a very good news story as they will once again be employed fully, even if it is just for the summer. There is no need to begrudge people a chance to work!
Damn right Elaine and why should they. It’s not a secret society, it’s open to anyone who is willing to spend 4/5 years in University. When you applied for your job and the employer said “oh by the way you will have decent summer holidays” are you going to say oh I don’t want the job so!!!!! Yeah pull the other one. Jobs have perks. Now go flip a burger.
My son had an alcoholic gambler of a maths teacher right through secondary.
When Cheltenham was on she was out.
When punchestown was on the same. I could smell the drink from her at the parents meetings and yet that so called teacher is still working. Everyone in the class had to get grinds to help them through their leaving cert and a lot failed. Several complaints were made about her and directly at her but she was as arrogant and smug as possible because she knew no matter what she could not be fired. This my friends is the real issue because she is one of many sub par teachers who will never come under scrutiny. I do feel very sorry for the new teachers trying to get a foot in the door they are a different breed altogether. They want to teach they want to work but they will be sidelined by the already installed and untouchable sect that are in place now.
Sshhh you can’t say that here all the teachers will be out for your blood.
So ALL established teachers are rotten teachers (alcoholic gamblers – I’m sure a few of the gamblers that took this country down enjoyed an alcoholics share of booze) but all the new young teachers are ALL amazing teachers. This ridiculous stereotyping won’t help anyone.
Why aren’t these jobs offered to teachers who have no jobs? Seems a bit unfair if a teacher who is already been paid for 3 mths holiday manages to monopolise another job over the summer. Many Irish teachers double up teaching in the Gealtacht also. I agree its not creating new jobs just re employing teachers who are already been paid. Nice bonus if you can get it. Secondary school teachers have a total of almost 130 days of school. That’s just over four months a year. Holidays at all the right time. I get 10 days! But hey they deserve it font they?!
Bitter much?
Well they teach students, so maybe ask the students to cut their holidays down to 10 days? Good luck with that.
Secondary teachers work 163 days. Primary teachers work 183. Most jobs work 230. Yes, still less than most jobs but please don’t pull numbers out of nowhere.
I wouldn’t mind only everyone forgets that they don’t actually get paid for the holidays; they get paid for their working hours and they pay is spread out over the whole year.
Ah yeah give the teachers summer jobs when they already get paid for been off. That’s so unfair just because they work with children and have clearance. There’s plenty of adults out there that would be prefect for that work. Bad bad bad
Haha. Prefect
When one considers that Enda Kenny and many other TD’s are teachers, is it any wonder that a lot of people have a very low opinion of that particular set. There’s not a week goes bye when at least one of my children has their class split up because their teacher hasn’t showed up. Usually on a Monday, I might add. I mean they’re basically part-time workers. You’d think they could at least turn up for the few hours that they’re actually required for.
Maybe if parents stop treating schools like crèches and keep their kids home when they get sick then teachers wouldn’t be absent!
And sure when they fail they can become politicians. .. maybe even taoiseach! !:) (My own brother is doing his h dip to be a teacher now btw so no need for the red thumbs)
have your say