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15/06/2012
Holiday Home Con Man Declared Bankrupt
A convicted international property fraudster has been declared bankrupt after investors, duped into paying out nearly £4m, brought civil action.
52-year-old Kevin O'Kane, from Portglenone, was jailed for four and a half years for running the bogus Turkish holiday home scam.
O'Kane, a one-time oil and coal merchant, was convicted of more than 150 offences of obtaining money or property by deception and fraud by false representation.
He portrayed himself as the landowner, builder and developer of the Golden Beach villas development when, in reality, he owned nothing of the scheme.
A civil action brought by more than 40 victims the scam had been put on hold until the completion of the criminal case.
With the prison term imposed, they returned to the High Court in an attempt to resolve the action.
O’Kane’s assets will be liquidated in an effort to pay back some of his debts.
A bankruptcy order was made againt O'Kane following a brief hearing.
It remains to be seen what cash is available for those who invested in the scam.
(H)
52-year-old Kevin O'Kane, from Portglenone, was jailed for four and a half years for running the bogus Turkish holiday home scam.
O'Kane, a one-time oil and coal merchant, was convicted of more than 150 offences of obtaining money or property by deception and fraud by false representation.
He portrayed himself as the landowner, builder and developer of the Golden Beach villas development when, in reality, he owned nothing of the scheme.
A civil action brought by more than 40 victims the scam had been put on hold until the completion of the criminal case.
With the prison term imposed, they returned to the High Court in an attempt to resolve the action.
O’Kane’s assets will be liquidated in an effort to pay back some of his debts.
A bankruptcy order was made againt O'Kane following a brief hearing.
It remains to be seen what cash is available for those who invested in the scam.
(H)
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