A businessman from Maynooth, Ireland found himself at the center of a Florida case involving fraud claims from former employees.
The allegations against Irish businessman, Paul Wright, included perjury and fraudulent activities regarding the misleading of investors and bringing huge financial loss to them.
A lawsuit, TMCT's firm filed, stated that Cherish Thompson claimed that Wright spent client funds for private jets, as well as to buy his son a house, KFM Radio reported.
Although Wright claims that he has no business connections in Florida, former employees have testified that he asked for investments from the residents in the state. They also claimed that he lied under oath when trying to have the case dismissed. These incidents have been described as perjury and financial mismanagement, causing losses of over $10 million.
The lawsuit claimed that Wright had misrepresented his wealth to investors by painting a picture of financial stability while secretly mismanaging funds. The Irish Independent revealed that Wright's actions included hiding financial information, which further aggravated the situation. The case drew much attention due to the scale of the fraud and the involvement of former employees who came forward with evidence against him.
The allegations against him escalated that Wright had sought dismissal of the case earlier on the grounds that the Florida court had no jurisdiction over his actions. But the testimony from former employees and the growing evidence has made this a case to be continued, and the court battle is yet to come to an end.
In Vietnam, a billion-dollar fraud case will be met with the death penalty. Wright's fate at the end of this case is uncertain, but the testimony given in court and evidence that has so far been presented point to a substantial legal and financial reckoning for Wright. More details in the coming weeks will reveal the draw up the depth of his scheme.
Originally published on VCPost
