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Man, 22, jailed for cryptocurrency investment scam
A cryptocurrency investment scam has led to a 22-year-old man being jailed for 18 months at Cork Circuit Criminal Court.
The young man confessed to five fraud crimes for a total of over 47,000 euros by inducing people to invest in cryptocurrencies.
Judge Helen Boyle imposed a 27-month sentence with the final nine months suspended.
Callum Kearney of no fixed abode was originally arrested by Detective Garda Donal O’Connell and charged with five counts of deception under the Theft and Fraud Offenses Act. And when he was arraigned at Cork Circuit Criminal Court he pleaded guilty to all charges.
The injured parties were friends of the defendants and were led to believe that they were investing in cryptocurrencies.
One of the complainants had a loss of 30,000 euros.
One charge to which the defendant pleaded guilty involved tricking a man into giving him €4,750 as an investment, intending to make a profit between June and October 2021.
He admitted similar charges against two other men in the same period involving €7,500 and €1,700 and tricked a woman into giving him €3,700 to make a profit. Finally, he admitted the deception by inducing a man to give him a vehicle worth 11,000 euros and 19,000 euros in cash, again to make a profit.
Four of the offenses relate to Ballincollig and the reported €7,500 count is from Bishopstown.
Defense lawyer Paula McCarthy said on behalf of the young man that he was operating under a degree of duress but takes full responsibility and that he has serious mental health problems.
The defendant also said through his lawyer that a much older man came into his life around this time and put pressure on him to get him money, even though he accepted that he (the defendant) got the benefit of a part of the money.