Predator: Irish businessman Gerard Walsh deceived the Nolan family The Mail on Sunday has actually unmasked a scammer behind an action group which last summertime won ₤ 200 countless taxpayers' loan in a settlement for small financiers from RBS.We can expose that Irish businessman Gerard Walsh deceived the Nolan family-- who run a haulage business in the UK and Ireland-- in a multi-million pound financial investment scam.Family members are horrified that, offered his record, Walsh went on to co-found the RBS Shareholders Action Group, which purported to represent thousands of little investors.The Mail on Sunday can further reveal that Walsh was removed of an honorary fellowship granted by Cardiff University after he guaranteed a ₤ 2.5 million donation that never ever materialised.For a number of months, this paper has actually been examining Walsh's function at the RBS Shareholders Action Group. Because time, an uncomfortable picture has emerged.The Action Group was set up to battle for justice for innocent small financiers, who were misguided into purchasing shares in RBS during the Fred Goodwin period and lost big amounts of their cost savings as a result.Those blameless little savers signed up to the RBS Shareholders Action Group in their thousands in the hope of getting compensation.They believed it was a public perky organisation that would fight their cause against a greedy bank.But so far the regular members have actually not received a cent -- and Walsh is battling to declare countless pounds of taxpayers'loan for himself through the RBS settlement.The Nolan family from Wexford in Ireland, owns Nolan Carry The Nolan household was frightened when Walsh's involvement with the action group emerged after articles appeared in The Mail on Sunday.A source near to the household stated:'They are aghast and can not think his brass neck. It beggars belief. How come the Financial Conduct Authority and the other authorities are not homing in on him? He took millions from them and simply disappeared. He simply melted into the darkness. ' The household, from Wexford in Ireland, owns Nolan Transportation. In late 2002, the household was introduced to Walsh, who appeared to be running an effective private financial investment business.He apparently was backed by reputable figures including George Mitchell, a former guv of the Bank of Scotland.The Nolans relied on Walsh to invest millions of pounds on their behalf. Their loan allegedly went into a string of genuine financial investment schemes, consisting of German assisted living home and a ferryboat company.Victim: Amanda Forshall was defrauded from ₤ 677,000 by Walsh After a while Walsh failed to supply information about the supposed financial investments and started cannot turn up for meetings.By 2006, the Nolans were seriously concerned and a year later on Walsh offered them EUR43 million(₤ 38 million at today's currency exchange rate )as a final settlement for their investments. They accepted but the cash never arrived.The family combated a protracted legal battle in the Jersey Royal Court in 2014 in an attempt to recoup a few of their losses. They sued companies and people related to Walsh.The court heard he had invested big parts of the cash on himself-- with ₤ 210,000 going towards paying a 10 per cent deposit on a luxury flat in London's Belgravia. The court was informed he invested ₤ 75,000 on 3 paintings and an additional EUR22,000 was put to buying a car for his children.The ruling by the court concluded that by 2005 Walsh had become a 'fraudster 'and by 2009'his service empire had actually collapsed'. The court awarded the Nolan household nearly EUR15 million in damages. The amount is still outstanding.Friends of Walsh say he was neither a witness nor an accused in the case and did not have an opportunity to contest its findings. His name was discussed hundreds of times in the judgment.The source close to the household added:'The Nolan family sees him as a predator and a serial fraudster on an epic scale. He is a person with delusions of magnificence and he is deeply unethical. 'The Nolans feel totally upset that this individual has actually not been brought to trial by the relevant authorities. The last time the Nolans saw Mr Walsh was at a meeting they asked for at his workplace in London. He left, they thought only for a minute, however he never ever returned.' The court hearing in Jersey was the second significant civil legal case to feature Walsh. The High Court of Ireland ruled in 1997 that Walsh was 'guilty of deceptive misstatement' by impersonating a Lamborghini salesman.The court ruling shows that Walsh and others convinced antiquarians Amanda Forshall to part with ₤ 677,000 in 1990 for nine Lamborghini Diablo vehicles that were never ever provided. Evidence provided by Walsh and his co-defendants was rejected by the court as being neither 'accurate 'nor'trustworthy '. Forshall was granted ₤ 677,000 in damages.In the RBS Shareholders Action Group case, lawyers administering the claim are aiming to prevent Walsh getting his hands on countless pounds from the settlement.Walsh is claiming this money through a deceptive company set up to distribute more than ₤ 20 million to unknown people and firms. His claim-- for himself and his partners-- is thought to be in excess of ₤ 10 million.Some or all this may be legitimate but the attorneys, Signature Lawsuits, are declining to launch any money up until they make sure all amounts are justified.Walsh is also a volunteer advisor to the different RBS/GRG Business Action Group, which purports to represent more than 500 small companies declaring to have been maltreated by the bank. Walsh denies all of the claims and accused The Mail on Sunday of prejudiced reporting THIS IS CASH'S FIVE OF The Very Best CHARGE CARD MBNA's Platinum Credit Card gives 36 months of 0%interest on balance transfers for a 2.49%dealing with fee if made within the very first 60 days. 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