Former Anglo Irish Bank chief executive David Drumm has been denied his bid for bankruptcy in the US.
A Boston Judge has ruled that Mr Drumm should not be allowed to walk from his debts of more than ten million euro.
Seven months after David Drumm's Boston bankruptcy trial - A US Judge last night rejected his bid for a fresh financial start..
In a damning 122 page ruling - Judge Frank Bailey -said that the 48 year old had made statements to the court that were "both knowing and fradulent" and that the former Anglo Irish Bank boss - had been "not remotely credible."
He rejected his application to write off more than ten million euro of debt - on the grounds - that "Such conduct disqualifies a debtor from the privilege of a discharge in our system of bankruptcy,"
Drum's former employer- the defunct - Anglo Irish Bank - now nationalized and known as the Irish Bank Resolution Corporation had sought to block his release from debt in the US-
Mr Drumm filed for bankruptcy in Boston - in 2010 after failing to reach a settlement with his former employer - over debts of nine million euro - mostly from loans to buy shares in the failing lender.
IBRC claimed that the former banking boss made fraudulent transfers of over a million euro to his wife Lorraine in a bid to shield cash and assets.
It was Mr Drumm's defense that he forgot to include transfers when he filed for bankruptcy - something Judge Bailey rejected, insisting the former CEO was "no bumbler."
In a big win for the state owned financial institution - Judge Bailey ruled that they - along with the court appointed trustee had "established cause to deny him a discharge many times over."
The former Anglo boss is now facing further legal action from the bank - who can pursue him for past and future earnings.
