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

Rio Olympics over, final decision on Brazil president looms

Aug 24, 2016

After the party, the hangover: With the Rio Olympics fading into memory, Brazil returns to longstanding political divisions and prepares for a final Senate vote on whether to permanently oust its embattled President Dilma Rousseff

Global stocks rise as investors weigh future of US rates

Aug 30, 2016

Global stock markets mostly rose on Tuesday as investors weighed the possibility and timing of another U.S. interest rate increase this year

US bank earnings in Q2 climbed 1.4 percent to $43.6B

Aug 30, 2016

U.S. banks' earnings in the April-June period rose 1.4 percent from a year earlier as growth in lending fueled interest income

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