FORMER Anglo Irish Bank CEO David Drumm will be sentenced in Dublin today after being found guilty of fraud.
He was found guilty earlier this month of authorising a €7.2 billion conspiracy to defraud and of false accounting while operating as boss.
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.
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.
Drumm pleaded not guilty to both charges, but made admissions on the opening day of the trial, accepting the transactions as alleged took place, but disputing they were fraudulent or dishonest.
The maximum sentence for the conspiracy to defraud charge is unlimited. The maximum sentence for the false accounting charge is 10 years.
