Ex-Anglo Irish Bank CEO convicted over 2008 fraud

LONDON — A former chief executive of the defunct Anglo-Irish Bank has been convicted of fraud for his role in inflating the lender's balance sheet before it collapsed in the 2008 global financial crisis.

David Drumm was convicted Wednesday of conspiring to inflate the bank's deposit levels by 7.2 billion euros ($8.5 billion) in its 2008 earnings report. He had denied conspiracy to defraud and false accounting.

A jury at Dublin Circuit Criminal Court found him guilty after a five-month trial.

Anglo-Irish was bailed out by the Irish government, at a cost to taxpayers of almost 30 billion euros.

Drumm moved to the U.S. after the bank's collapse, but was sent back to Ireland in March 2016 on an extradition warrant.

Drumm was granted bail until his sentencing on June 20.

You may also interested in

Asian shares waver in thin trading after Wall Street decline

Aug 25, 2016

Shares wavered in thin but volatile trading in Asia on Thursday, following a bleak day on Wall Street

The hidden risk to the economy in corporate balance sheets

Aug 24, 2016

America has a debt problem, and the big borrower this time may surprise you: Corporate America

German business confidence drops unexpectedly, survey shows

Aug 25, 2016

A closely watched survey shows that business confidence in Germany, Europe's biggest economy, has dropped unexpectedly as managers' assessment of both the outlook and their current situation darkens

Broaden News
Search

Manage The Numbers is the world’s fastest-growing finance news website, featuring the latest money and market news, along with in-depth analysis so you can make the best decision.

Contact us: sales@managethenumbers.com

Subscribe to our newsletter!

Name

Email