Thursday 23 February 2017

Drumm failing to fight fraud allegations

Shane Phelan and Tim Healy

DISGRACED banker David Drumm has failed to file any defence against allegations he defrauded an American bank, the Irish Independent has learned.

The former Anglo Irish Bank chief executive is now facing the prospect of an uncontested judgment being made against him, a US court was told yesterday.

Mr Drumm (44) is being sued by Chase Bank after maxing out a €10,500-limit credit card in the nine weeks before he filed for bankruptcy last year.

The splurge included hundreds of dollars spent on entertainment, fine wines and eating out.

Chase Bank initiated the lawsuit last month claiming Mr Drumm made representations to get his credit limit extended even though he knew he wouldn't be able to repay his debts.

The bank filed papers in a US court yesterday stating that Mr Drumm had failed to mount any defence against the lawsuit.

Chase is now seeking for the court to deal with the case and make a judgment against Mr Drumm.

Irish Independent

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