Tuesday, 3 January 2012

The Masked VC

Now Silicon Ireland does not normally cover the negative issues of the tech startup scene, but this piece by Lyra Mckee caught our attention and we have decided to link to it. The reason is because of the possibility of local tech firms looking for funding we felt we had an obligation.

So here is the post and a link to Lyra's site.

Posted 3rd Jan 2012 by Lyra Mckee - @lyramckee

'Over on his Tumblr, David Kirk writes about how Invest NI, Northern Ireland’s economic development agency, cancelled a forum of local investors after receiving some information about one of the participants. He writes:

“…in early October, less than a week before the forum, I received a link to a news article, on one of the local VC attendees that was invited to the forum. The nature of the article had serious implications, if only on InvestNI’s understanding of the actual street level investment situations and their judgment on where to go for information.”

The news article Kirk received is this one: Firm’s boss jailed for £680K theft. The article is about David Walsh. Walsh was a Finance Director at an English insurance claims firm, Concept Building Solutions. He was jailed for six years in 2007 after swindling his business partners of £680K. The Preston Citizen wrote at the time:

“Bogus accountant David Walsh, 38, fleeced business partners Dominic Booth and Darren Griffin out of nearly £700,000 to fund a lavish existence, which saw him driving Porsches and Ferraris, wearing flash jewellery and holidaying in Dubai.

As Mr Booth and Mr Griffin’s firm – Clitheroe-based Concept Building Solutions – faced investigation by the taxman for unpaid bills, finance director Walsh still tried to bluff his way out of trouble.

He invented a fictious Iranian businessman, who he said was willing to invest millions of pounds into their insurance franchise company.

But in reality the make-believe tycoon – Christian Shajore – was the name of one of his Persian cats.

Walsh, of Prince’s Reach, Preston, had set up a clearing account, in the cat’s name, through which he moved the majority of the money he stole from Concept, Preston Crown Court, heard yesterday.

And when the cheated partners confronted Blackburn-born Walsh, demanding answers, he claimed they had kidnapped him.”

Please read more here and visit : http://muckraker.me/