cash & carey | 

How Catriona Carey used €400k in deposits as ‘a current account’

We gain exclusive access to Careysfort account statements and reveal how Catriona Carey used clients’ money to fund her day-to-day spending

Catriona Carey

Carey appeared to spend huge amounts

Gardai at the home of Catriona Carey as they took possession of her €55k BMW car

This sample page from a bank statement of Careysfort Asset Estates Ltd show how Catriona Carey used the account to spend clients’ cash as though it were her own personal current account

Patrick O'ConnellSunday World

Banking records for Careysfort Asset Estates show its €400,000 client deposit account wasn’t just used to fund the big-ticket purchases like her BMW – it functioned in a very real sense as her current account.

Thousands of debit card transactions are detailed in the banking records now in possession of the Sunday World.

And an analysis of two years of financial documents shows how tens of thousands of euro of client deposits disappeared on mundane everyday expenses.

These included everything from shopping in shops such as Lidl, Mr. Price, Dealz and Penneys, to payment of Garda fines, Circle K petrol stops, takeaways and a €270 ‘facial rejuvenation’ session.

Even a €55 charity donation to a GoFundMe account came from the client deposit account.

And while the documents make it clear that Catriona Carey had a taste for and enjoyed the finer things in life, the accounts also detail how extraordinary spending of client deposits on personal items ultimately became routine and unremarkable for the 43-year-old.

In an effort to show how the deposit account was used by Carey to cover day-to-day spending, we picked one date at random to show how clients’ money was incrementally disappearing.

The opening balance in the Careysfort Asset Estates account on May 21, 2020 was €110,399.05.

Carey appeared to spend huge amounts

It had been almost a month since the last client deposit had been lodged – with no lodgements entered since April 27, when a €40,000 payment was received.

That day’s spending kicked off with a payment of €186.05 to Pat McDonnell paints.

This was followed up by a payment of €86.92 to Woodie’s DIY and another €149.98 at Electro City.

A further €34.37 was spent at Holland and Barrett and €38.94 at Dunnes Stores.

Even a Park Rite charge of €2.50 for spending her clients’ money at MacDonagh Junction went on the company debit card.

Later that day, two payments of €9.32 via PayPal to the Roblox Corp – a video game service for kids – were also taken from the account.

But the the day’s spending didn’t end there…

Gardai at the home of Catriona Carey as they took possession of her €55k BMW car

A payment of €218.83 went out to Glanbia in Castlecomer in Kilkenny, while a further €32.15 was spent at the Eurospar in Castlecomer.

The closing balance at the end of May 21 was €109.811.50.

The account was down a total €587.55 in what was a relatively unremarkable day of spending by the company’s sole director, Catriona Carey.

The accounts show that on some days more money was spent, and some days less.

For example, on October 31 the account’s opening balance was €60,267.49.

Two payments of €21.65 were the first to go out to book an NCT in Arklow, followed up by a spend of €50.76 at Mr. Price in Kilkenny.

A further €122.81 was spent at SuperValu in Loughboy and a €5 payment was made for a GAA Go pass.

Three days later a payment of €1,301,70 went out to Harvey Norman in Waterford.

Vast sums of money appear to have gone out of the account at homeware and furniture stores, but Carey wasn’t averse to splashing out on personal luxuries either.

A payment of €270 was made to the Facial Rejuvenation Clinic in Stillorgan on July 17, 2020.

Quizzed recently about her personal spending using money from the Careysfort account, Carey – who claims she did not know her business was a fraud – defended her spending, saying: “I’m entitled to some wages.

“I spent too much based on the fact I thought everything was safe and sound.

“But I am entitled to some expenditure out of the business.

“It wasn’t like I was the only one taking money out of the company. I was comfortable to do so.”

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