Ex-Anglo Irish Bank Chief Convicted of Fraud

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A former banker who led a bust institution which contributed to the collapse of the Irish economy has been convicted of fraud.

Ex-Anglo Irish Bank chief executive David Drumm, 51, was found guilty of conspiracy to defraud and false accounting after arranging dishonest and fraudulent multibillion-euro transfers to boost the failed Irish lender’s books in the months before it imploded in 2008.

It was taken into state control in January 2009 following a run on its deposits and plummeting share prices.

Bailing out Anglo was to cost taxpayers billions of euro.

The defendant had denied conspiring to “dishonestly” create the false and misleading impression that deposits in 2008 were 7.2 billion euro larger than they were as well as knowingly presenting the false figures to the market in December 2008.

Read the original article here: belfasttelegraph.co.uk

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