The Dublin Circuit Criminal Court has heard two men tricked 143 people into investing over €5m in Irish forestry in what was described by Gardaí as a Ponzi scheme.
Their sentence hearing heard they set up a company and used aliases and false documentation to deceive potential investors.
Garret Hevey was arrested at his home in Shankill, County Dublin in February 2017.
His co-accused, UK national David Piele – who had an address in Bray, County Wicklow – was also arrested after a Finnish investor contacted Gardaí.
He paid £52,000 to what he believed to be an investment company for forestry in Ireland.
Like the other 142 investors, he was attracted to a potential return through Government grants, the thinning of trees or a resale.
The court heard a virtual office was set up in Dublin city and welcome packs were sent to new investors.
Over €5.5m was invested in what turned out to be a Ponzi scheme whereby later investor funds were used to pay earlier investors.
The Finnish investor raised the alarm in June 2016 after finding out the forest in question wasn't registered to the investment company.
Both men pleaded guilty to deception charges and are due to be sentenced at a later date.
Reporting from Frank Greaney at the Circuit Criminal Court
