Search

Listen Live

On Air Now

Midnight - 8:00am

The Late Night Mix

Kingfishr

Vancouver

€3.7m Of Misappropriated Funds At Westmeath Firm

Friday, 23 January 2026 11:25

The Central Bank is applying to have provisional liquidators appointed at 123 Financial Services, Athlone.

At least 3.7 million euro in investment funds at a Westmeath firm has gone missing in what appears to be a case of misappropriation.

The Irish Examiner is reporting the Central Bank of Ireland is applying to have provisional liquidators appointed after a review identified serious financial irregularities at 123 Financial Services in Athlone.

Strand Investments and Finance Ltd, which trades as 123 Financial Services was owned by Bernard Kinahan, of Elm Close, Barrybeg, Roscommon Road, Athlone, who died on August 31. 

He was a director of the firm along with Ken Kinahan, who is now saying he had no involvement in the management of the company.

The review revealed clients were misled into believing they had investments held with certain funds when their monies were in fact paid to accounts associated with the company and Bernard Kinahan.

Clients were given falsified certificates as proof of their investments and falsified statements showing the interest they were apparently accruing on their investments.

Record keeping was inadequate, and certain banking and accounting documents appear to have been modified to conceal the financial position of the company.

Currently it appears 45 clients have been affected by the potential fraud, with at least €3.7 million unaccounted for.

Mr Justice Brian Cregan appointed liquidators to the case and said it is a very serious matter and wondered if it was indicative of a Ponzi scheme.

The judge ordered that papers in the case also be served on the Insurance Compensation Fund and on the Garda National Economic Crime Bureau.

Share

More from Midlands News

Download Our App

Never miss a moment from Midlands 103