A Dublin-based law firm has been wound up by the High Court this week, after a partner admitted gambling away €2.5million of his clients' money.

Ruairi O'Ceallaigh was a partner in the firm Sean O'Ceallaigh & Co, set up by his father more than 50 years ago. He had previously admitted to gambling the money - half of which had been left to the Catholic church in a will - on stocks and shares. This week Mr Justice Nicholas Kearns was told that the firm's total liabilities could now be approaching €6million, and in the light of what he described as a "very serious fraud" he ordered the firm to be wound up.

O'Ceallaigh's practising certificate was suspended a month ago. Justice Kearns ordered that he remain suspended pending disciplinary action by the Law Society, and referred the case to the Director of Public Prosecutions.

    An unlucky gambler yesterday 

O'Ceallaigh is no stranger to controversy. He was recently exposed for running a betting syndicate for Bertie Ahern's mates, and has been criticised for sending unsolicited letters to Dublin residents in a bid to drum up more cash. Otherwise it's all been going well.
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