David Nally, 43, was sentenced to six years in prison for deceiving two men into investing in a fictitious cattle purchasing scheme.
A carpenter who fabricated a scheme involving purchasing cattle from banks after farm repossessions has been sentenced to six years in prison for defrauding two men out of over €900,000. David Nally, 43, admitted to inducing the two men to invest in a non-existent cattle and machinery purchasing operation between 2014 and 2016.
Prosecuting barrister Simon Matthews outlined that Nally's guilty pleas encompassed a period of offending during which he persuaded one man to invest over €700,000 and another just over €218,000. The court heard that while Nally returned some purported profits to the victims, leaving the first man still owed just over €390,000 and the second with a loss of €175,000. High Court proceedings are currently underway against Nally stemming from the fraud. Detective Garda Ross Rowan detailed that Nally, known to one of the victims and his father, approached the first man in March 2014 with a plan involving purchasing cattle at discounted prices from a bank-connected individual due to repossessed farms. The plan was for Nally to wait for an agreed period before selling the cattle for a substantial profit. This man invested multiple times and received some payments from Nally, but grew concerned about discrepancies in cattle purchases and confronted Nally, who reassured him. Lacking confidence in Nally's assurances, the man reported him in October 2017, triggering the investigation. During their investigation, Gardaí discovered another victim who had also invested in Nally's scheme, revealing that Nally had provided him with less official-looking agreements and documentation compared to the first victim. The extensive Garda investigation involved analyzing bank accounts and inspecting cattle registration records. It was found that although Nally claimed to have purchased over 3,000 cattle, the actual maximum purchase was 230. Nally initially made counter-allegations against one of the victims when questioned in February 2018, but subsequent interviews in August 2018 and September 2019 yielded no significant admissions. Victim impact statements were submitted but not read aloud. Judge Martin Nolan acknowledged that Nally never bought an animal from the bank, stating that it was a fraudulent cattle purchase scheme designed to entice the two men to give him money. He emphasized Nally's carpentry work and side interest in agriculture, believing he intended to buy and sell cattle but somehow developed this fraudulent scheme. Judge Nolan stressed the seriousness of the crime, recognizing that Nally defrauded individuals he knew. While acknowledging Nally’s guilty plea, lack of prior convictions, good work history, and industrious nature, he ruled that a custodial sentence was necessary. He imposed consecutive sentences totalling six years, suspending the final 18 months on strict conditions, including Nally paying €300,000 to be proportionally distributed to the two victims within three months.Detective Garda Rowan agreed that Nally's guilty plea was valuable to the prosecution, avoiding a lengthy and complex trial and sparing the second victim the journey from overseas to provide evidence. He acknowledged that Nally ultimately admitted to the deception and had not been truthful about the money's use. He accepted that the cattle trading was a side deal for Nally, in addition to his carpentry work, and that Nally incurred considerable expenses on fencing, feed, land rentals, and vet bills. However, he could not confirm if any profits from cattle sales were reinvested to cover these expenses.
CATTLE FRAUD SCAM IRELAND COURT SENTENCE CARPENTER BANK REPOSSESSIONS INVESTMENT
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