Man jailed for holding €102k in cash from proceeds of crime

A MAN who was holding €100,000 in cash which was the proceeds of crime has been jailed for two years, reports Eimear Dodd.

Gardaí carried out a search of Brendan Colley’s home on March 9, 2023 during which they found

€102,720 of cash hidden in socks and gloves beneath the stairwell.

When interviewed following his arrest, Colley (55) said he knew the money was there, but it was “not mine”.

He made full admissions and told gardaí that he was forced to store the money to reduce a drugs debt.

He confirmed he got a call to collect the money, but didn’t know the person he met. He said he was going to hand over the money to the person who owned it.

Colley of Galtymore Close, Drimnagh, Dublin 12 pleaded guilty to a charge of possession of the proceeds of crime at Dublin Circuit Criminal Court.

He has ten previous convictions including drugs offences, robbery, road traffic offences and possession of knives.

John Berry BL, defending, on Thursday, said his client started to use drugs at the age of 20 and spent a short period of time in custody in the mid-2010s, after which he suffered a relapse.

A number of references and a medical report were handed to the court. Mr Berry said his client was diagnosed with a tumour around the time of the Covid-19 pandemic and suffered another relapse, during which he incurred the drugs debt.

He said his client is doing well following surgery and is working to address his addiction issues.

Mr Berry told the court that while the amount of money involved suggested his client was in a position of trust, he asked the court to consider his client’s particular vulnerabilities at that time.

He asked the court to consider imposing a suspended sentence.

Judge Martin Nolan noted that Colley was holding money for a third party and the court could infer it was derived from “criminal misbehaviour”.

He said it appeared Colley felt he had “no other option” but to hold the money and was “valuable” to third parties as a result.

He said the court took into account Colley’s vulnerabilities and that he is unlikely to re-offend in future.

Judge Nolan said “money laundering this amount is a serious matter,” and said he would consider imposing a sentence of three to four years on someone “more robust” in relation to this offence.

He imposed a two-year prison sentence on Colley saying he “has to go to jail” as someone “can’t launder that amount of money without suffering for it.”