Financier Richard Fagan ordered to repay €74 million

Richard Fagan, a former captain of Ireland's national polo team, has been ordered to repay €74 million after being involved in a large fraud case. He was known for his ambition and even spoke about taking the team to the Olympics. Fagan's investment fund, Kijani Funds, came under scrutiny in 2015 due to allegations it was running a Ponzi scheme. Financial regulators intervened, and a lengthy legal battle ensued. Last month, the Gibraltar supreme court ruled that Fagan had acted fraudulently and mismanaged funds. The judge stated that Fagan breached his duties as a fiduciary, leading to huge losses for investors. Fagan reportedly misappropriated over £30 million for personal benefit through various entities linked to the scheme. The court's findings highlighted that Fagan's companies falsely represented their financial health to attract more investors. Investigators discovered that lavish spending, including expenses for yachts and entertainment, further depleted the company's funds. Fagan did not attend the trial, citing health issues. He currently resides in Dubai and has not publicly commented on the judgement. His past success in polo has been overshadowed by this significant financial scandal, leaving his future in the sport uncertain.