Man warned at Dundalk Circuit Court a custodial sentence is possible over theft and fraud

A 62 year old man who continued to act as a mortgage broker despite having his licence removed by the Central Bank, has been warned at Dundalk Circuit Court that a custodial sentence remains a possibility.

Jimmy Cumiskey of Sliabh Na Glough, Jenkinstown, Dundalk originally faced 21 counts of theft and fraud offences in the book of evidence, but pleaded guilty to seven sample counts relating to four victims who gave him money thinking it was a deposit towards obtaining a mortgage.

The court heard last Thursday that the defendant has not had a licence to act as a mortgage intermediary since February 2012 following a fitness inquiry by the Central Bank.But just over six years later, the first victim handed over a cheque for €9,840 at the defendant's office on Park Street in Dundalk where he traded as European Mortgages Call Centre.

The second, who was a student, had handed over €7,000 from her savings between March and August 2018 and while some of that had been returned, just under €3,000 remains outstanding.

The court heard a number of cheques the defendant had made out to her, had bounced.

The third victim, had transferred €27,000 and just over €4,000 was paid back. The fourth client paid out €16,000.After his arrest, Jimmy Cumiskey protested that he had used the money to take steps to secure financing.

The Defence barrister said that €3,000 was available in cash, on top of the €2,000 that had previously been paid and a further €9,400 was in his solicitor's client account.

He said that following the Central Bank investigation, his client had received residential treatment from St. John of God's for over two months.

The lawyer added that he had instructions that the grandfather of four had helped raise €100,000 for local charities through climbing Mount Kilimanjaro and claimed he had come up with the idea for the Santa Run in Dundalk in 2010.

He described it as a fall from grace by his client who had been head of the Students Union at Dundalk Regional Technical College in 1981.

The barrister added that his client completed an MBA after his first business failed but said "his best simply wasn't good enough" and while he was reckless the lawyer stressed that Mr Cumiskey had no "formal intent to defraud anyone" and "was trying to plug holes in a sinking ship".

The counsel explained that the business had a monthly commission of €4,000 and while there had been prospective bidders, after the Central Bank investigation and public nature of that, there was no appetite for his business.

However, Judge Dara Hayes said "He's made a litany of broken promises".

The barrister replied that his client was in a business that was falling by the wayside and he was doing it to keep it afloat.
However, Judge Hayes said the defendant had made reckless business decisions that had a devastating impact on these people.

He put back the case to the next sitting of the court on October 8th to see what concrete plans were in place on how the money will be repaid.

The judge added the possibility of a custodial sentence - irrespective of what resources might be made available "remains very live" as he said the fact that Mr. Cumiskey was operating without a licence was a significant aggravating factor.

Judge Hayes said he would seek a report from the Probation Service for a risk assessment and directed that the money that was currently available be given to the four victims.