Former Anglo Irish Bank Corp. Chief Executive Officer David K. Drumm, sued by the defunct lender over an unpaid personal loan, conceded to a U.S. judge he made “a lot of errors” in his bankruptcy filing and wasn’t aware he needed to reveal $1.2 million in cash transfers to his wife.
Anglo Irish Bank Corp., the defunct lender whose bailout almost pushed Ireland into bankruptcy, told a judge in Boston that ex-Chief Executive Officer David K. Drumm hatched a “fraudulent” plan to hide his personal assets and avoid repaying a 7.65 million-euro ($10.5 million) loan.
Former Anglo Irish Bank Corp. Chairman Sean Fitzpatrick was cleared on charges that he let the lender make loans to clients so they could buy shares in the company as the country entered a financial crisis.
A Dublin judge ordered that former Anglo Irish Bank Corp. Chairman Sean Fitzpatrick be acquitted on some charges that he allowed unlawful loans in 2008 to clients so that they could purchase shares in the now-defunct lender.
Two former Anglo Irish Bank Corp. executives were found guilty of allowing the lender to make loans to 10 clients to buy the company’s shares, the first convictions of bankers since the near collapse of the nation’s financial system.
Former Anglo Irish Bank Corp. Chairman Sean Fitzpatrick regretted that he wasn’t more involved with loans given to 16 clients to buy shares in the bank in July 2008, the bank’s one-time chief financial officer told a Dublin jury.