THE 51-year-old man, who conned Donegal investors out of €177,000, will be sentenced next week.
Thomas Elvin of Meencargagh, Ballybofey was convicted last December of operating as an illegal financial investor and of making gains or causing loss by deception.
He had denied all 26 charges which occurred at various locations in Ballybofey, Cloghan and Donegal Town on dates from December 2003 to March 2005.
Previous hearings were told that the money was handed over to Elvin “in good faith” by seven people, all of
whom believed him to be an investment business person, but not one penny had been returned.
Elvin’s two week trial heard that Elvin set up a company in January 2004 named ‘Pear Shaped Resources’ with the assistance of Larry Marsella, based in Florida.
He was found guilty by a jury of 12 counts of operating as an illegal financial investor and 14 of making gains
or causing loss by deception.
Carrick-on-Shannon Circuit Court was told last week that a psychologist had carried out an assessment on Elvin and that there was no prospect of the money being repaid as Elvin’s farm was heavily in
debt and he had an income of only €115 a week.
The psychological report was presented to Judge John O’Hagan at Letterkenny Circuit Court yesterday. Elvin, who has spent the past week in custody, was further remanded until July 19 when he
will be sentenced by Judge O’Hagan.