Ex-Anglo Irish Bank CEO convicted over 2008 fraud
Jun 6, 2018
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
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.
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