Ireland: Sean Fitzpatrick fined €25,000 and expelled from Chartered Accountants Ireland - - PressFrom - United Kingdom
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Ireland Sean Fitzpatrick fined €25,000 and expelled from Chartered Accountants Ireland

17:25  02 december  2019
17:25  02 december  2019 Source:   thejournal.ie

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Chartered Accountants Ireland is a membership body representing 26, 000 influential members throughout the globe. Five Chartered Accountants consider the benefits of working overseas and share their tips for those who wish to broaden their horizons.

Chartered Accountants Ireland was established by Royal Charter on 14 May 1888, and is Ireland 's largest accountancy body. It represents more than 25 , 000 members globally. Qualified members of Chartered Accountants Ireland earn the designation ACA (Associate Chartered Accountant ).

Dublin Central Criminal Court Dublin Central Criminal Court THE FORMER CHAIRPERSON of Anglo Irish Bank Sean Fitzpatrick has been expelled from being a member of Chartered Accountants Ireland and has accepted not to make an application to be reinstated.

It comes after a disciplinary tribunal meeting today where Fitzpatrick accepted the facts of a formal complaint brought against him by the institute’s conduct committee.

That complaint followed an opinion expressed by the special investigator appointed by Chartered Accountants Ireland that Fitzpatrick’s actions regarding the “concealment of loans over a period of time by their temporary transfer and related actions” at Anglo Irish Bank “constituted misconduct of a serious nature likely to bring discredit to himself and/or [the organisation], and/or the profession”.

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David Drumm, the former CEO of Anglo Irish Bank has been expelled from Chartered Accountants Ireland (CAI) and fined EUR 15, 000 for his role in Further CAI disciplinary proceedings remain open against Sean FitzPatrick , former Anglo Irish Bank chairman, the bank’s former finance director Willie

Chartered Accountants Ireland is governed by a Council and it is responsible for determining policy and monitoring its implementation. Council is lead by the Officer Group and supported by the Management Team and staff. A number of committees with voluntary member involvement also play a

“The fact that Mr FitzPatrick was Chief Executive or Chairman of the Bank over the period of concealment adds to the gravity of this misconduct,” according to special investigator John Purcell, Chartered Accounts Ireland said today.

In 2017, a judge ordered that Fitzpatrick be found not guilty of hiding millions of euro in loans from auditors. 

The prosecution alleged that amount of loans connected to FitzPatrick was artificially reduced for a period of two weeks around the bank’s financial end of year statement by short-term loans from other sources, including Irish Nationwide Building Society.

Seán FitzPatrick wearing a suit and tie: Former Anglo chair Sean Fitzpatrick © Sam Boal Rollingnews.ie Former Anglo chair Sean Fitzpatrick Described as “refinancing” this practice was also known as “bed-and-breakfasting” or “warehousing”, as the loans would be allegedly put into short term storage.

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Chartered accountants were the first accountants to form a professional accounting body, initially established in Scotland in 1854. The Edinburgh Society of Accountants (1854), the Glasgow Institute of Accountants and Actuaries (1854) and the Aberdeen Society of Accountants (1867)

Seán FitzPatrick (born 25 May 1948) was former chairman of Anglo Irish Bank until he resigned in December 2008 amid mounting revelations over hidden loans. The scandal precipitated a collapse of the bank's share price which in turn led to its nationalisation on 21 January 2009.

During legal argument, Dublin Circuit Criminal Court heard there was nothing illegal about the loans arrangement.

Judge John Aylmer had said that the investigation, carried out by the Office of the Director of Corporate Enforcement (ODCE), fell short of an unbiased, impartial and balanced investigation that an accused is entitled to.

‘Gravity of this conduct’

Chartered Accountants Ireland said today it had originally appointed its special investigator to consider matters relating to Anglo Irish Bank and whether these matters may mean Fitzpatrick was liable for disciplinary action back in 2009. 

In December 2010, special investigator Purcell recommended these matters be referred to a disciplinary tribunal. 

In March 2011, however, these proceedings were suspended at the request of the office of the Director of Public Prosecutions. This suspension was lifted in mid-2018 following the conclusion of these State cases.

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Fitzpatrick & Kearney Ltd Chartered Accountants . We have now been providing business solutions for over 60 years. Our offices in Newry and Kilkeel serve a large client base throughout Our client base consists of over 1, 000 clients whose business interests cover all sectors of trade and commerce.

Global Accounting Alliance (GAA). Chartered Accountants Worldwide Affiliation. Our strategic alliance with ACCA. Become a member. Help us to provide insights into remuneration and employment trends among Chartered Accountants .

Chartered Accounts Ireland said that Fitzpatrick had accepted that the “appropriate sanction to meet the gravity of this conduct was exclusion from membership of the Institute and he consented to this”. 

“In the circumstances the Disciplinary Tribunal made an Order excluding Mr FitzPatrick from Membership of Chartered Accountants Ireland,” it said. “The tribunal also imposed a fine of €25,000.”

Given that Fitzpatrick accepted the above, the conduct committee did not offer evidence in respect of certain other allegations set out in the original formal complaint against Fitzpatrick. 

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