Alan Hynes loses appeal on costs

Published 19/03/2016 | 00:00

Alan Hynes
Alan Hynes

The Chartered Accountants' Regulatory Board (Carb) has ruled against controversial Wexford accountant Alan Hynes in relation to the costs of his appeal against findings made against him last year.

The decision adds a further €150,000 to the €500,000 in costs assigned to him arising from hearings into complaints against him in 2014, the Irish Times reports.

It is not known if Mr Hynes has paid any costs to date. A spokesman for the Carb would not comment.

Last year a tribunal of the Chartered Accountants Regulatory Board (Carb) excluded him from the Institute of Chartered Accountants after a hearing sparked by complaints from investors who lost more than €18 million on a number of his property ventures.

The disciplinary tribunal found Mr Hynes had been in breach of codes of ethics and principles that were meant to guide the profession in integrity, competence and truthfulness.

Mr Hynes was the subject of multiple findings of misconduct and it was decided he should be barred from the Institute of Chartered Accountants.

The criticisms of Mr Hynes included breaches of the institute's code, 'unmitigated failures' in relation to his dealings with clients, and 'unconscionable behaviour'.

Over the course of a 14-day hearing, the tribunal heard that investors put millions of euro into Tuskar Asset Management and other property ventures that Mr Hynes controlled. Much of the money was lost.

In an 'unconscionable act', Mr Hynes had secured a €1 million investment from a pensioner when Mr Hynes was 'desperate' to secure funding for Tuskar Asset Management, which subsequently went into liquidation.

One investor, John Power, of Power Life and Pensions, Crossabeg, told the tribunal the actions of Mr Hynes had consequences ranging from 'bankruptcy to death'.

An appeal tribunal threw out his challenge to the original ruling last Tuesday.

Following the hearing in the institute's headquarters in Dublin, a spokesman for the board said that 'Carb can confirm that the appeal lodged by Alan Hynes was dismissed'. He did not go into any further detail. Last year, the tribunal found that Mr Hynes had been lacking in integrity and truthfulness and that he had failed to account for €3.1 million of investors' funds. His legal team said he had become overstretched during the boom years and there was a sense that he was a 'creature of his time'.

Wexford People

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