Former Anglo-Irish bank boss David Drumm sentenced to 8 years imprisonment
News

Former Anglo-Irish bank boss David Drumm sentenced to 8 years imprisonment

The maximum sentence for the conspiracy to defraud charge is unlimited while the maximum sentence for the false accounting charge is 10 years.

Former CEO for Anglo Irish Bank David Drumm was sentenced to 8 years imprisonment in Dublin today after being found guilty of fraud.

The 51-year-old will serve 6 years of the sentence following mitigating factors considered for both counts of fraud and false accounting.

Advertisement

The banker was found guilty earlier this month of authorising a €7.2 billion conspiracy to defraud and of false accounting while operating as boss of Anglo Irish bank.

After deliberating for just over 10 and a half hours – on day 86 of the trial – the jury returned unanimous verdicts after one of the longest trials in the history of the State.

Drumm conspired with others to make Anglo's deposits look much better than they were as the financial crisis hit.

He was the man who called the shots in a series of transactions in September 2008.

Money was sent around in a circle from Anglo to Irish Life & Permanent, and back again to Anglo, via Irish Life Assurance until a total of €7.2 billion was reached.

Advertisement

It was presented as a customer deposit in Anglo's preliminary end of year accounts. The jury took just over ten-and-a-half hours to find that Drumm did this dishonestly and deliberately.

Mr Drumm's sentence was delivered after 4pm on June 20.