Omagh man avoids jail after cross-border fraud

AN OMAGH man has avoided jail after defrauding investors across Ireland.

Today (Wednesday) Ryan O’Kane (51) of Tamlaght Road was sentenced at Laganside Crown Court.

O’Kane pleaded guilty to 21 counts of fraud by abuse of position and three counts of transferring criminal property.

The offences occurred when a number of individuals from Northern Ireland and the Republic of Ireland invested a lump sum of money, ranging from £1000 upwards, into a company claiming to be on the global market in algorithm software.

Each of the victims was guaranteed on a return of their initial investment and any profits, if earned at the end of 12-months, however, Mr O’Kane failed to repay the investments.

A police investigation commenced and all 10 victims were repaid just before sentencing was heard on July 16.

O’Kane was handed a 20-month custodial sentence, suspended for two-and-a-half years.

Following the sentencing, Detective Inspector Winters said, “Fraud is a crime which has a huge emotional impact on its victims.”

“O’Kane targeted the life-savings of innocent people, and acted with no thought for the long-lasting trauma he caused through his deception. His only concern was to line his own pockets.

“Today’s sentence should send a clear message to those involved in scamming hard-working people, that they will be vigorously pursued and brought before the courts to face the consequences of their actions.”