A High Court judge has ordered that the papers in the case against a South Dublin businessman, who allegedly operated a pyramid scheme funded with investments from his friends, be sent to the National Bureau of Fraud Investigation.
Mr Justice Peter Kelly, in a judgment this afternoon, ordered Breifni O'Brien from Glenageary not to reduce his assets below €14.5m which accounts for the claims against him and the legal costs.
His lawyers told the court that he would not be challenging the claims against him.
The judge said those who initiated the action against O'Brien were all victims of a confidence trick.
He said the decision by O'Brien not to challenge the claims, prevents the case from having to go to full trial but he said that wasn't an awful lot given the misery he has caused.
Mr Justice Kelly said the papers involved in this action should be sent to the Garda Fraud squad so they can decide whether to investigate the matter.