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 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.
A former top Irish bank regulator said while he was “positively disposed” toward Anglo Irish Bank Corp.’s efforts to unwind a derivatives position which threatened to bring it down, he wasn’t acting as a cheerleader for the lender.
Sean Quinn’s family faced cash demands for as much as 300 million euros ($408 million) after a so-called St. Patrick’s Day Massacre hit the value of Anglo Irish Bank Corp. in 2008, the former head of the Quinns’ company told a jury.
Liberty Mutual Group Inc. and Anglo Irish Bank Corp. may take over Quinn Insurance Ltd. as the lender ousted Sean Quinn and his family from a debt-laden empire that spanned real estate to financial services.
Anglo Irish Bank Corp.’s loans to 16 clients to buy shares in the lender as former billionaire Sean Quinn’s family unwound a derivatives position were a “last roll of the dice,” the bank’s one-time chief financial officer said at a Dublin trial.