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  A businessman has claimed J & E Davy stockbrokers made a windfall profit of some €25 million from bonds it sold on his behalf after he was allegedly fraudulently misled by senior executives in the firm. In Commercial Court proceedings, Patrick Kearney says he learned about the alleged concealment after Davy was recently fined a record €4.1 million by the Central Bank because of the manner in which the stockbrokers sold his bonds. Davy, while acting as his agent in the sale to what he was assured was a third party, had in fact sold them to the “O’Connell Partnershipâ€�...

Former Davy Group chief executive Tony Garry has resigned as chairman and director of BES Management, a joint venture between Davy and BDO for managing investments under the Employment and Investment Incentive Scheme (EIIS). He departed the board of the company on March 8, just six days after Davy was fined €4.13m and reprimanded by the Central Bank for a controversial 2014 bond deal in which he participated. His resignation was confirmed by a spokesperson for BES. The news follows his departure from the board of the Mater Misericordiae University Hospital, which was reported in the Sunday...

Davy review to look forensically at staff trading Review to assess controls and governance aimed at preventing conflicts of interest Tue, Mar 16, 2021, 18:50 Updated: Tue, Mar 16, 2021, 19:58   Davy has asked Alvarez & Marsal, an international professional services firm, to look forensically at staff trading over the past seven years as part of a review of matters arising from a Central Bank investigation into a bond trade that has seen the firm spiral into crisis over the past two weeks. The work will be led by Paul Sharma, managing director with Alvarez & Marsal Financial Servic...

When the fall of Davy finally came, it came quickly last week - and it landed with a bang. The reverberations will be felt for some time, in the corridors of power, the oak-panelled halls of Corporate Ireland and the homes of well-to-do families that entrusted the blue chip firm to discreetly invest their wealth. The main event is not over yet, however. J&E Davy Stockbrokers is on the block. Its sale can expect to reveal some more of what really went behind the curtain in one the country's most venerable such firms. "The due diligence process will be interesting," according to one source fami...

Former Davy chief leaves posts at Trinity College and Dublin hospital Bond scandal costs Brian McKiernan roles on Provost’s Council and hospital board Mon, Mar 15, 2021, 13:34 The Central Bank fined the country’s biggest stockbroking firm €4.1 million. Photograph: Sasko Lazarov/RollingNews.ie   Former Davy stockbrokers chief executive Brian McKiernan has resigned from the Provost’s Council at Trinity College Dublin and the board of a Dublin hospital in the wake of the bond deal scandal. Mr McKiernan stepped down as a member of the advisory council at the university and the governing...