Financial advisor under scrutiny for alleged mishandling of funds, court reveals
In a recent development, financial consultant David Kennedy has been accused of misappropriating €800,000 from two companies that own a Dublin pub, known as the Black Lion Gastropub in Inchicore. The companies, BabylonCQ Ltd and Wildemount Assets Ltd, were shareholders in KCR Taverns Ltd, which operates the pub.
The allegations against Kennedy surfaced after months of broken promises to transfer the monies back to the companies. As a result, the brothers, through the companies, appointed new liquidators to replace David Kennedy. The capitalized monies from the two companies were transferred to Kennedy Financial Consulting's client account as part of the winding-up process.
The court has since frozen the assets of David Kennedy, his wife Danielle Colgan, and the company following claims of misappropriation. Ms. Colgan, Mr. Kennedy's wife, is the sole shareholder and director of David Kennedy Financial Consulting.
David Kennedy has been arrested by gardai and charged with fraud. However, Ms. Colgan is not considered an appropriate defendant in the case, as she claims no liability. Mr. Kennedy's legal representative stated that he is cooperating to return the misappropriated money.
The case has taken a turn with the court's decision to freeze the assets. Mr. Justice Cregan has amended the freezing orders to allow for the payment of €12,000 living expenses. €12,000 can be withdrawn from the defendant account to cover living and legal expenses, temporarily.
Counsel intends to seek a strikeout of the case against Ms. Colgan. The transfer of monies is prohibited under the freezing order, but there is agreement to allow the transfer back if necessary. The proposal is to adjourn the case for two weeks to allow for the transfer of certain monies back to the companies' accounts.
In 2024, a decision was made to release the funds in the companies for personal use. However, the misappropriation allegations came to light after this decision, leading to the current legal proceedings.
For those seeking more targeted information, legal databases like PACER (Public Access to Court Electronic Records) or local court records could provide details on any cases involving David Kennedy. News websites and financial news platforms, as well as legal news websites such as Bloomberg Law or Law360, might also have details on ongoing cases involving financial consultants.
The financial consultant, David Kennedy, is facing allegations in a case that involves criminal charges and general news, as he has been arrested for fraud related to the misappropriation of €800,000 from two businesses. The businesses, BabylonCQ Ltd and Wildemount Assets Ltd, are part of KCR Taverns Ltd, which operates the Black Lion Gastropub in Inchicore. During the winding-up process, the capitalized monies from these companies were transferred to Kennedy Financial Consulting's client account, raising issues in the business sector.
