Man, 22, jailed for cryptocurrency investment scam

A cryptocurrency investment scam resulted in a 22-year-old man being jailed for 18 months at Cork Circuit Criminal Court.

The young man confessed to five counts of deception involving a total of over €47,000 by inducing people to invest in cryptocurrency.

Judge Helen Boyle imposed a sentence of 27 months with the last nine months suspended.

Callum Kearney of no fixed address was originally arrested by Detective Garda Donal O’Connell and charged with five counts of deception under the Theft and Fraud Offences Act. And when arraigned at Cork Circuit Criminal Court he pleaded guilty to all charges.

The injured parties were friends of the accused and they were led to believe they were investing in cryptocurrency.

One of the complainants was at a loss of €30,000.

One charge to which the accused man pleaded guilty consisted of dishonestly by deception inducing one man to give him €4,750 as an investment, with the intention of making a gain for himself between June and October 2021.

He admitted similar charges in respect of €7,500 and €1,700 from two other men in the same period, and inducing a woman to give him €3,700 by deception to make a gain for himself. Finally, he admitted deception he inducing a man to give him a vehicle valued €11,000 and €19,000 in cash, again to make a gain for himself.

Four of the offences relate to Ballincollig and the count referring to €7,500 is from Bishopstown.

Defence barrister Paula McCarthy said on behalf of the young man that he was operating under a certain degree of duress but takes full responsibility and that he has severe mental health issues.

The defendant also said through his barrister that a much older man came into his life around this time and put him under pressure to get money for him, although he accepted he (the accused) did get the benefit of some of the money.