A man accused of illegally depriving seven people of €177,000 savings linked up with an American financial dealer who he expected to turn 50,000 dollars into 98 million dollars in 35 days, according to emails presented in court yesterday.

50-year-old Thomas Elvin, described by his own counsel as a bible-believing small Donegal farmer, told his US contact, Larry Marsella, that what they were doing was making money for the work of God and spreading the gospel.

He added in one of a number of emails read at Donegal Circuit Court that what they were doing was contrary to the work of the evil one.

One email from Elvin’s farmhouse home in Meencargagh, Ballybofey, said he wouldn’t tell a woman friend about what he and Marsella were doing until they raised over 20 million dollars as she might think they were doing something illegal or immoral.

He asked for 15 million dollars to be raised within days at a lower rate of interest than the seven per cent offered by two other sources and he would need 174 million in the New Year and he guaranteed to repay within 10 years maximum.

Other emails referred to interest rates of 25 per cent per day and Elvin’s counsel, Desmond Murphy, SC, explained the defence case was the money raised from Co. Donegal complainants was invested through forex, a way of making money or losing it in deals in split seconds in currencies.

Mr Murphy said forex resulted in vast profits or vast losses. Starting with 50,000 at 25 per cent per day gave operators access to several million dollars which they would never have to pay if it went right. If it went wrong they lost the 50,000 and they had to pay several other millions.  Mr Murphy added: “It’s a gigantic bet.”

Elvin denies 26 counts of depriving seven people –one of whom is now dead – of funds by operating as an illegal financial advisor and theft by deception..

Elvin is alleged to have committed the offences at a number of locations in Donegal town, Ballybofey and Cloghan, Co Donegal between December 2003 and March 2005.

Witnesses told the court that they didn’t receive a single penny from the money invested through Elvin

The trial is expected to end on Tuesday.

Hundreds of people protested today outside the Government Oireachtas members constituency offices around the County.

The protests, organised by SIPTU, are being held in response against the proposed budget cuts to Community Employment Schemes.

And there will be a public meeting on Monday morning in Jacksons Hotel, Ballybofey against the cuts.

SIPTU’s Martin O Rourke says people do realise the benefit of Community Employment Schemes….

Police in Strabane are appealing for information after a young girl was mugged yesterday eveing.

The attack happened between 6 and 630 yesterday evening as the young woman made her way down Bradley Way towards the Urney Road.

She had been walking home after doing her shopping in a local supermarket.

Local Cllr Patsy Kelly has appealed for anyone with any information to contact the PSNI……

A man who claimed to have access to a 100 million dollar management fund when he persuaded people to invest €177,000 was not an authorised financial advisor, an investigation leader told a court.

The prosecution claims Donegal farmer Thomas Elvin headed a number of companies, including one called Pear Shaped Resources, to which he tempted people to invest.

Sgt Gerry Mullaney said he had been provided with documentation from Ireland’s financial regulator saying Thomas Elvin was not registered as a financial advisor.

Sgt Mullaney told Donegal Circuit Court that a search of Elvin’s house produced a letter with his signature and headed Pear Shaped Resources, and his Donegal address, despite the company being registered in the British Virgin Islands.

Elvin, 50, denies 26 counts of depriving seven people –one of whom is now dead – by operating as an illegal financial advisor and theft by deception..

Sgt Mullaney, who led a lengthy inquiry, said he started his investigations in November 2005 when he received complaints from three people that they had received no returns from investments placed with Elvin, of Meencargagh, Ballybofey.

He listed his chase of the money trail through a number of accounts in Donegal and Strabane and the US where money was transferred to Florida-based Larry Nathan Marsella.who worked for Pear Shaped.

Sharman Duncan, of Donegal town, who was one of the seven claiming to have been deprived of money, told the court how she and her widowed mother, Elizabeth – who has since died – invested life-savings of €102,034 with Elvin and none of the money was recovered.

She said she knew Elvin since her teens when they used to meet at Church of Ireland dances.

Elvin is alleged to have committed the offences at a number of locations in Donegal town, Ballybofey and Cloghan, Co Donegal between December 2003 and March 2005.

The trial continues.

The North West College in Derry has re-iterated its safety advice to students following another reported sexual assault in Derry.

Sometime between 1.30am and 1.45am yesterday morning a young woman was raped by an unknown male in an alley in the Strand Road area.

He is described as being approximately 6ft 3″ to 6ft 4″ tall, of stocky build, with long brown hair and spoke with a Donegal accent.

It is the 3rd reported rape in Derry in recent weeks.

Willie O’Donnell is the Student Liaison Officer at the Northwest College, he says people should stick  together and use taxis on nights out:

The Coastguard says there is no environmental threat from an oil tanker which earlier anchored 25 miles north of Tory Island having developed cracks in its deck.

The 42,000 tonne Genmar Companion was en route from Rotterdam to New York when the captain requested assistance this morning.

The vessel which is carrying 54,000 tonnes of gas oil, is now on its way to Belfast for inspection and repairs if needed.

The Coastguard says the vessel is not leaking and no injuries have been reported.

Buncrana Leisure Centre is facing closure after it was revealed today that the facilities funding from the Council is being cut by a third.

Buncrana Town Councils pre-budget submission, which was released yesterday, states that the annual funding for the local Leisure Centre is to be cut from €60,000 to €40,000.

Just last month management at the facility told Highland Radio News that the €60,000 funding that they received from the Town Council didn’t even cover their bill costs.

Chairperson of the Board of Management at Buncrana Leisure Centre, Rosina McLauglin said the facility was now faced with certain closure……..

Donegal captain Michael Murphy has backed the decision of his manager Jim McGuinness to drop Kevin Cassidy from the county squad. Cassidy became embroiled in controversy when he contributed to a book in which he criticised the 2010 management team and revealed tactical and fitness techniques employed by Donegal. As a result McGuinness took the decision to remove Cassidy from the county panel.
When asked by the Irish Examiner whether Cassidy should be allowed to return to the squad, Murphy insisted that there is no way back for him .”Jim had to make the decision and the county had to make the decision and that was the decision made,” he said.”Kevin stepped out of line and that was agreed on by everyone. That was unfortunate but we’re looking forward to a new season and we’re looking forward to rowing in behind everybody again and getting on with it.”

Chloe Magee from Raphoe booked her place at the 2012 London Olympics  last weekend. This will be the second games for Ireland’s number one, At Beijing in China in 2008 she became the first Irish player to win a match at the Olympics. Chloe secured her place in London by reaching the Quarter Finals of the Irish International in Lisburn. By doing so she accumulated enough points to play in the singles at next years games. Chloe and her brother Sam still have an anxious wait to see if they are to make it in the mixed doubles. Chloe gave her reaction on making the Olympics to Oisin Kelly.