Irish firm wound up by High Court after serious fraud

October 29, 2010 Dublin-based law firm Sean O'Ceallaigh & Co has been wound up by the High Court, after a partner admitted gambling away €2.5million of his clients' money on stocks and shares.

Ruairi O'Ceallaigh, the son of the firm’s founding partner, had his practicing certificate suspended a month ago, and faces disciplinary action from the Law Society as well as criminal proceedings.

In light of the firm’s nearly €6 million in liabilities and what he described as a "very serious fraud", Justice Nicholas Kearns ordered the firm to be wound up.

Read more at rollonfriday.com.

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