Sligo accountant Kenneth McMoreland has been found guilty of fraudulent misrepresentation in relation to the purchase of a development site in 2006.
Brothers Arthur, Kieran and John Grady of TJ Grady Ltd in Co Mayo had sued Mr McMoreland, formerly of a firm of accountants called Gilroy Gannon.
The brothers also sued others practising as Gilroy Gannon and quantity surveyor Jackie McMahon.
The case related to the purchase of the Hazelwood House site in Co Sligo by Foresthaze Developments Ltd, a company in which former EU Commissioner Ray MacSharry was chairman.
The court found that the Grady brothers were induced to invest in the Foresthaze development by the fraudulent misrepresentation of Mr McMoreland.
They were told the purchase price of the site was €11.5m when in fact it was €9.85m.
The site was purchased in April 2006 in trust for Mr McMoreland and Mr McMahon, who were acting for a consortium of investors, for €9.85m and purchased by Foresthaze Developments Ltd for €11.5m six months later.
The Grady brothers invested €2.4m in the development but were not told of the original sale or sub-sale arrangement.
The development of the site has not gone ahead and the project was not a success.
The court found Mr McMoreland was acting in the ordinary course of business of Gilroy Gannon, and with the authority of his partners in that firm.
It also found the Grady brothers had not made out a case against Mr McMahon.
Ray MacSharry Snr, and his sons Ray MacSharry Jnr and Marc MacSharry were among seven others named as third parties in the case.
Issues as to their liability, if any, were adjourned pending the outcome of these proceedings. The case will be mentioned again on 29 February.
Afterwards the Gradys' solicitor, Damien Tansey said his clients were relieved.
He said they were hard-working men who had been "sold a pup" and wanted their money back.
