Ex-Anglo bankers are found guilty of €7.2bn conspiracy
Published 02/06/2016 | 02:30
Two former executives in Anglo Irish Bank have been found guilty of conspiracy to defraud following the longest-running criminal trial in the history of the State.
Anglo's former head of capital markets, John Bowe, and the bank's former finance director, Willie McAteer, had denied conspiring with former Irish Life and Permanent executives Denis Casey and Peter Fitzpatrick and others to mislead depositors, lenders and investors by making Anglo's corporate deposits look larger than they were.
Bowe from Glasnevin, Dublin; McAteer of Greenrath, Tipperary town; Mr Casey from Raheny, Dublin; and Mr Fitzpatrick of Convent Lane, Portmarnock, Dublin, all pleaded not guilty to conspiring to mislead investors by setting up a €7.2bn circular transaction scheme.
The prosecution claimed McAteer authorised a €7.2bn circular transaction scheme between March 1 and September 30, 2008, to bolster Anglo's balance sheet; and it claimed Bowe was involved in executing it.
The unanimous guilty verdicts against Bowe and McAteer were returned yesterday afternoon after almost 38 hours of jury deliberations over nine days at Dublin's Circuit Criminal Court.
The 11-strong jury, which began hearing evidence last January, will resume deliberations in relation to Mr Casey and Mr Fitzpatrick this morning, the 85th day of the trial.
The offence of conspiracy to defraud is a common law offence, which means it is not on the statute books and trial judge Martin Nolan will have discretion on what sentence to impose.