Trio in Northern Ireland Sentenced for Property Fraud

Two directors and a ‘shadow director’ of a financial firm were sentenced today (Thursday) for their involvement in property fraud. The fraud relates to properties in Liverpool, Manchester, and Cyprus and concerns the now-defunct Belfast-based Property International Private Clients Limited.

Sentencing: Former directors Diarmuid Phoenix, 80, from Lansdowne Road in Belfast and Dermott O’Kane, 69, from Kilbright Road in Millisle were sentenced alongside shadow director Russell Price, 56, from Hillsborough Court in Carryduff on charges including fraud by abuse of position and conspiracy to commit fraud by false representation. Price, whose fraudulent conduct amount to around £800,000, was handed a three-and-a-half-year sentence, suspended for two years. Phoenix and O’Kane’s fraudulent activity amounted to around £300,000 each, and they each received sentences of two years and two months, also suspended for three years.

Investigation: In 2010, police launched an investigation after complaints from the public who had invested in Property International. Investors believed they would receive property in return, which did not materialize. The complaints centered on development sites in Liverpool, Manchester, and Cyprus.

Judge's Remarks: Judge Philip Gilpin spoke of the delay in the case, describing it as "of a very considerable magnitude." He emphasized the real harm caused by the defendants' crimes, highlighting that fraud is not a victimless crime. Some restitution is now available to be paid to victims. Judge Gilpin warned the men of consequences should they re-offend within the next three years.

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