29 Jun 2022

Louth man applied for fraudulent loans to reduce his gambling debt, Dundalk court told

Louth man applied for fraudulent loans to reduce his gambling debt, Dundalk court told

A personal finance company has been left at a loss of almost €37,000 after one of its agents applied for fraudulent loans in a bid to reduce his gambling debts.

Paul Fox (61) with an address at Dundalk Road, Dunleer pleaded guilty to 20 sample counts of forgery and making gain or causing loss by deception.

The offending occurred between April 28th and December 29th 2015 and the fraud involved monies being advanced by Provident Personal Credit with an address at Southgate Business Park, Drogheda, who the defendant worked for on a commission basis.

In some cases, the court heard last Thursday, the customer who purportedly applied for a loan, had no knowledge of it.

In others, the defendant approached customers to take out a loan and the money ended up in his own back pocket, while in a third scenario he would invite them to assist him in taking out the loans and would forge their signatures with their full knowledge.

The loans related to 30 individuals - one of whom is now deceased.

Judge Dara Hayes heard no members of the public were at a loss, but the company was.

The Defence barrister said his client was a compulsive gambler who owed €20,000, but had doubled down on his lost bets.

He is currently employed in security and on conviction will lose his Private Security Industry permit and had a €1,000 in court as a token of his remorse, but was not in a position to repay the full amount owed to the company.

Judge Hayes adjourned sentencing to July 8th for finalisation and remanded Mr. Fox on continuing bail but warned him there was a very strong likelihood of a custodial sentence.

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