Careysfort Asset Estates bank records show that the $400,000 customer deposit account was not just used to fund large purchases like her BMW — it literally functioned as her checking account.
Thousands of debit card transactions are listed in bank records.
And an analysis of two years of financial documents shows how tens of thousands of euros in customer deposits disappeared for mundane everyday expenses.
This included everything from shopping at stores like Lidl, Mr Price, Dealz and Penneys to paying Garda fines, Circle K petrol stations, takeaways and a €270 “facial rejuvenation” session.
Even a €55 charity donation to a GoFundMe account came from the customer deposit account.
And while the documents make it clear that Catriona Carey loved and enjoyed the finer things in life, the reports also detail how extraordinary spending of customer deposits on personal items eventually became routine and unobtrusive for the 43-year-old.
To show how Carey’s savings account was used to meet day-to-day expenses, we randomly chose a date to show how clients’ money gradually disappeared.
The opening balance on the Careysfort Asset Estates account on May 21, 2020 was €110,399.05.
Almost a month has passed since the last customer deposit – no deposits have been made since April 27, when a payment of €40,000 was received.
That day’s spending began with a payment of €186.05 to Pat McDonnell paints.
This was followed by a payment of €86.92 to Woodie’s DIY and another €149.98 to Electro City.
A further €34.37 was spent at Holland and Barrett and €38.94 at Dunnes Stores.
Even a €2.50 Park Rite charge for spending their customers’ money at MacDonagh Junction went to the company’s debit card.
Later that day, two payments of €9.32 via PayPal to Roblox Corp – a children’s video game service – were also deducted from the account.
But the day’s issues didn’t end there…
A payment of €218.83 was made to Glanbia at Castlecomer in Kilkenny while a further €32.15 was spent at Eurospar in Castlecomer.
The closing balance at the end of May 21 was €109,811.50.
The account declined a total of €587.55 on a relatively unremarkable day when the company’s sole director, Catriona Carey, spent money.
The accounts show that some days more money was spent and some days less.
For example, on October 31st, the opening balance of the account was €60,267.49.
Two payments of €21.65 were the first to be spent booking an NCT in Arklow, followed by a €50.76 spend at Mr Price in Kilkenny.
Another €122.81 was spent at SuperValu in Loughboy and €5 paid for a GAA Go pass.
Three days later, a payment of €1,301.70 was made to Harvey Norman in Waterford.
Huge sums of money appear to have been drained from the accounts of hardware and furniture stores, but Carey wasn’t averse to spending on personal luxuries either.
On July 17, 2020, a payment of €270 was made to the Facial Rejuvenation Clinic in Stillorgan.
Carey – who claims she was unaware her business was a scam – was recently questioned about her personal spending with money from the Careysfort account and defended her spending by saying: “I’m entitled to a share of the wages.
“I overspent thinking everything was safe and sound.
“But I am entitled to some expenses outside of business.
“It wasn’t like I was the only one taking money out of the company. I felt comfortable with it.”
https://www.independent.ie/irish-news/how-catriona-carey-used-400k-in-deposits-as-a-current-account-41897574.html How Catriona Carey used €400,000 in deposits as a ‘checking account’