Former Anglo CEO David Drumm Handed Six Year Prison Sentence
David Drumm, the former chief executive of Anglo Irish Bank, has been jailed for six years for his part in a €7.2bn conspiracy to defraud and false accounting.
Drumm was convicted earlier this month.
He will be given credit for time he spent in custody in a US prison fighting his extradition back to Ireland.
He served five-and-a-half months at a prison in Boston.
BREAKING Former Anglo Irish Bank CEO David Drumm has been handed a six year prison sentence for his role in a €7.2bn conspiracy to defraud and false accounting. He will be given credit for time he spent in custody in a US prison fighting his extradition back to Ireland— Frank Greaney (@FrankGreaney) June 20, 2018
Handing down the verdict Judge Karen O'Connor noted: "This Court is not sentencing Mr Drumm for causing the financial crisis. Nor is this court sentencing Mr Drumm for the recession which occurred."
"This offending did not cause Anglo Irish Bank to collapse. This Court will sentence Mr Drumm only for the two specific offences for which he has been convicted."
His marathon trial came to an end on June 6th when a jury found him guilty of conspiring with others to give people the impression Anglo Irish Bank was healthier financially than it actually was in 2008.
During his trial, Drumm accepted the multi-million euro transactions that moved between Anglo and Irish Life & Permanent took place - but he denied they were fraudulent or dishonest.
The prosecution described it as a "massive con" to mislead investors, depositors and lenders about its health at a time when it - along with the Irish economy - was on a downward spiral.
Judge O'Connor said there was no dispute that the months leading up to Sept 2008 were challenging times but she said David Drumm’s motivation for what he did was irrelevant and no excuse.
She said she the dishonesty and fraudulence of the scheme was considered an aggravating factor and also noted he held a position of trust when he gave the go-ahead.
At the sentence hearing today, Detective Sergeant Michael McKenna described Drumm as the “driving force behind the conspiracy."
Drumm's barrister asked for leniency.
He said his client acknowledged it was a “huge error of judgement,” and asked her to consider the totality of hardship that’ll be visited upon him - including the notoriety he’ll now carry for the rest of his days.
Drumm's conviction brought an end to a story that began a decade ago and involved him moving to the US where he was arrested in Boston in 2015.
He ended his fight for extradition in February of last year and agreed to return to Ireland to face the charges.
Judge O'Connor handed down a six year sentence but gave Drumm credit for the five months he spent in a US prison while fighting his extradition to Ireland.