Louth man jailed for fraud and theft of almost €64k

A 63 year old man, who received almost €64,000 from four clients despite having his mortgage broker licence removed by the Central Bank, was jailed for 18 months at Dundalk Circuit Court last week.

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.

He had no licence to act as mortgage intermediary since February 2012 and the offending occurred from March 2018 to March 2020.

Last Wednesday Judge Dara Hayes noted that out of a total loss of €63,840, €10,260 had been repaid before the initial sentencing hearing in July and while €12,400 was brought to court then, that was not distributed to the injured parties and "has still not been done". 

Although the Defence barrister said he had instructions that one of the complainants, a student, had been repaid in full albeit she could not attend the hearing this week to confirm that in person.

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He apologised to the court as the woman had been available the previous week when the case was 'misdiaried' and neither he, nor Mr. Cumiskey's Senior Counsel were in court.

Judge Hayes noted the defendant, a grandfather of four, has been married for 39 years and has a degree in management studies and an MBA.

He initially told the Probation Officer that while he knew what he was doing was wrong legally, he believed he could pay the money back before things got out of control.

That position has now changed and Mr. Cumiskey expressed his remorse and regret in subsequent interviews.

The judge said apart from a conviction last year for driving without insurance in 2022, the defendant has not come to further garda attention, and his Defence barrister had submitted that he had suffered a tragic fall from grace as he is well known in business and charitable circles.

However, the judge said he does not accept his actions were merely reckless as his business was haemorrhaging money and he thought he could bridge that gap.

He noted a pension policy had been cashed in, and his home is being placed on the market.
Judge Hayes said significant sums of money were taken from four victims which he knew he had no right to, as he was no longer a mortgage broker and over six years later they’re still at a loss. 

The judge said a global sentence of three and half years was appropriate with the final two years suspended and directed that €70,000 be paid to the injured parties before August 31st next year.

He added that figure is higher than the loss suffered on the basis that they have been six years without their money and there has been significant inflation since then.