Ex-bank chief guilty of massive fraud

RTÉ

Former Anglo Irish Bank chief executive David Drumm has been found guilty of fraud.

The jury spent more than 10 hours deliberating before reaching a unanimous verdict at Dublin Circuit Criminal Court on day 86 of the trial.

Drumm pleaded not guilty to conspiring to dishonestly make Anglo’s balance sheet look better by €7.2 billion (£5.4 billion) between March and September 2008.

He also refuses to knowingly give false figures to the market that the month of December.

The prosecutor’s office said that 51 years of age, deliberately and dishonestly to induce people to invest or to leave your money in the Anglo even when he and the others knew I was in trouble.

PA

Lawyers for Drumm said that the transactions were not dishonest and were legitimate of the balance sheet of the management carried out in an open and transparent way, while trying to protect the bank.

Anglo-Irish, which was nationalised in 2009, and by the wound of 2011, was synonymous with the lending practices that led to the ‘Celtic Tiger’ boom and subsequent bust, pushing the Republic of Ireland at the edge of the crisis in 2010.

Mr Drumm moved to the US in 2009, but was extradited in 2016.