A 45-year-old man has been jailed for four years for stealing over €178,000 in a fictitious car pyramid scheme.
Eamon Shield, of Weston Meadows, Weston Park, Lucan in Dublin was found guilty of stealing from 12 people after promising he would double their money within 60 days.
Shield was already a convicted fraudster and known to the garda stolen car unit when he was arrested and charged in connection with this scam.
He told investors he could get cars repossessed by the banks and sell them on at a significant mark up.
But when the 60-day investment timeline passed Shield could not be contacted.
The court heard there were never any cars and never any scheme whereby Shield could go to the bank and get repossessed cars.
He used some of the stolen €178,000 to pay small amounts to others and although €55,000 was handed back, none of the 12 people got all their money back.
At the Dublin Circuit Criminal Court Judge Patricia Ryan described it as a "premeditated crime" and sentenced him to four years in prison with no of the time suspended.
