Courts

Thursday 10 July 2014

Bank chief charged in relation to €7bn fraud

Published 19/12/2013|02:30

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Casey (Denis): Three former senior bank executives are to stand trial accused of conspiring to mislead Anglo Irish Bank investors in relation to 7.2 billion transactions, Dublin District Court, 18-12-13
Pic shows: Former chief executive Irish Life and Permanent, Denis Casey (54), from Raheny, Dublin, leaving court yesterday (Wed.) where he appeared on  charges relating to financial transfers involving Irish Life Assurance, Irish Life and Permanent and Anglo Irish Bank, between March and September 2008.
Pic: Courtpix
Former chief executive Irish Life and Permanent, Denis Casey (54), from Raheny, Dublin, leaving court yesterday. Photo: Courtpix

THE former chief executive of Irish Life and Permanent has been charged in relation to an alleged €7.2bn fraud.

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Denis Casey is the second most senior bank executive, after former Anglo CEO Sean FitzPatrick, to face criminal charges in the wake of the financial crisis.

These charges are not in any way related to the charges that Mr FitzPatrick and two former Anglo executives face at a separate trial to be held next year.

Mr Casey, who has just qualified as a junior barrister, was charged yesterday along with two former bankers -- IL&P's former finance director Peter Fitzpatrick and the former head of treasury at Anglo Irish Bank John Bowe -- with conspiracy to defraud investors and depositors under common law.

The men are to stand trial accused of conspiring to mislead Anglo Irish Bank investors in relation to transactions worth €7.2bn.

The case relates to financial transfers involving Irish Life Assurance, Irish Life and Permanent and Anglo Irish Bank between March and September 2008.

It is alleged the three men conspired, contrary to common law, to falsely give investors the impression Anglo had deposits which were €7.2bn larger than they really were.

Dearbhail McDonald Legal Editor

Irish Independent

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