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Ireland David Drumm gets 15-month suspended sentence for role in illegal loan scheme

19:51  10 july  2018
19:51  10 july  2018 Source:   thejournal.ie

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Former Chief Executive Officer of Anglo Irish Bank David Drumm has been given a suspended sentence of 15 months for giving illegal loans to ten developers to prop up Anglo's share price in 2008.

The former Chief Executive Officer of Anglo Irish Bank, David Drumm will be sentenced tomorrow afternoon for giving illegal loans to ten developers to buy shares in Anglo The loans were part of a scheme designed to unwind a stake of 28% in the bank, built up secretly by businessman Sean Quinn.

Former Anglo Irish bank chief executive David Drumm. © Leah Farrell via RollingNews.ie Former Anglo Irish bank chief executive David Drumm. DAVID DRUMM, THE former CEO of Anglo Irish Bank, has received a fully suspended sentence of 15 months for his role in an illegal loan scheme.

Drumm (51) of Skerries, Co Dublin pleaded guilty last month to ten counts of authorising or permitting Anglo Irish Bank to give unlawful financial assistance for the purchase of bank shares to the so-called Maple Ten group of developers and businessmen between 10 and 17 July 2008.

Former Anglo Irish Bank Chief Executive David Drumm, arrives at the Criminal Courts of Justice for a sentence hearing in Dublin, Ireland, June 20, 2018. REUTERS/Clodagh Kilcoyne © Reuters Former Anglo Irish Bank Chief Executive David Drumm, arrives at the Criminal Courts of Justice for a sentence hearing in Dublin, Ireland, June 20, 2018. REUTERS/Clodagh Kilcoyne

The loans were part of a scheme designed to unwind a secret 28% stake Cavan businessman Sean Quinn had built up in the bank using financial instruments called contracts for difference (CFDs).

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A suspended sentence is a legal term for a judge's delaying of a defendant's serving of a sentence after they have been found guilty, in order to allow the defendant to perform a period of probation. If the defendant does not break the law during that period

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Drumm was transferred to court from Mountjoy Prison where he is serving a six-year prison term imposed last month after a jury convicted him of conspiring to carry out a €7.2bn fraudulent loan scheme in 2008.

Former Anglo Irish Bank Chief Executive David Drumm, arrives at the Criminal Courts of Justice for a sentence hearing in Dublin, Ireland, June 20, 2018. REUTERS/Clodagh Kilcoyne © Reuters Former Anglo Irish Bank Chief Executive David Drumm, arrives at the Criminal Courts of Justice for a sentence hearing in Dublin, Ireland, June 20, 2018. REUTERS/Clodagh Kilcoyne

The sentence imposed today is to run concurrent to this sentence to date from today and the court ordered that he be given credit of five months and five days for time already spent in custody.

During a sentence hearing on Monday Brendan Grehan SC, defending, told the court that Drumm was trying to resolve a problem “entirely created” by Quinn, when he engaged in the illegal scheme to lend money to high net-worth individuals to buy shares in the bank.

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Former Anglo Irish Bank chief executive David Drumm will be sentenced on Tuesday at 2pm for his role in an illegal share-buying scheme aimed at propping up the bank’s share price in July 2008.

Judge O'Connor said Drumm will get credit for the five months he spent in a US federal penitentiary before he ultimately consented to his extradition in March 2016. Former Anglo Irish Bank CEO David Drumm has been jailed for six years for his role in a multi-billion euro bank fraud scheme in 2008.

Former CEO of Anglo Irish Bank, David Drumm, arrives at Dublin Circuit Criminal Court in Dublin, Ireland on June 20, 2018. - Drumm was on Wednesday jailed for six years for conspiracy to defraud and false accounting. At an earlier hearing, Drumm had been found guilty of fraud and false accounting whilst working at Anglo Irish Bank, whose rapid fall from grace epitomised the Irish financial collapse. He was accused of transferring huge sums between his bank and another financial institution, sometimes only for a few hours, to make the bank's balance sheet look better than it was. (Photo by STRINGER / AFP)        (Photo credit should read STRINGER/AFP/Getty Images) © Getty Former CEO of Anglo Irish Bank, David Drumm, arrives at Dublin Circuit Criminal Court in Dublin, Ireland on June 20, 2018. - Drumm was on Wednesday jailed for six years for conspiracy to defraud and false accounting. At an earlier hearing, Drumm had been found guilty of fraud and false accounting whilst working at Anglo Irish Bank, whose rapid fall from grace epitomised the Irish financial collapse. He was accused of transferring huge sums between his bank and another financial institution, sometimes only for a few hours, to make the bank's balance sheet look better than it was. (Photo by STRINGER / AFP) (Photo credit should read STRINGER/AFP/Getty Images)

Grehan asked Judge Karen O’Connor to consider that the offences arose as a result of the growing financial speculation by Ireland’s richest man, Quinn, on Anglo shares using CFDs.

“This was a problem entirely of the creation of Sean Quinn,” he said. Grehan said the building up of the large CFD position was done in secret using different brokers. He said the bank was being placed in an incredibly vulnerable position at the worst time in the context of a growing global financial crisis.

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Joke of a sentence .. Shd be given @ least 15 minium. The same sentence as a handbag snatcher would get . Don't forget your night time lullaby David . ‘Deutschland, Deutschland, Uber Alles’ !!

Earlier this year, the 80-year-old founder of Adelphia Communications Corp., John J. Rigas, received a 15 -year prison sentence . Former Tyco International Ltd. chief L. Dennis Kozlowski is scheduled to be sentenced next month on larceny charges.

Former Anglo Irish Bank chief executive, David Drumm, leaves the Criminal Courts of Justice after being found guilty in Dublin, Ireland June 6, 2018. REUTERS/Clodagh Kilcoyne © Reuters Former Anglo Irish Bank chief executive, David Drumm, leaves the Criminal Courts of Justice after being found guilty in Dublin, Ireland June 6, 2018. REUTERS/Clodagh Kilcoyne

Pat Whelan (56) of Malahide, Dublin and Anglo’s former Director of Finance William McAteer (67) of Greenrath, Tipperary town, Co Tipperary were convicted in 2014, after a three month trial, of the same ten charges. They were each ordered to carry out 240 hours of community service.

Drumm was jailed last month after a jury returned unanimous verdicts of guilty on a charge of conspiracy to defraud and false accounting, following an 87-day trial.

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