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Former Ireland Bank CEO Sentenced to 6 Years in Jail for Misleading Clients and Investors

Former Ireland Bank CEO Sentenced to 6 Years in Jail for Misleading Clients and Investors

The former chief executive of the now defunct Anglo Irish Bank, David Drumm had been sentenced to 6 years jail  for misleading investors and clients.  In 2008, he had created the impression that deposits at the Anglo Irish Bank were $8.4 million (EUR 7.2 billion) larger than what the bank had, the year which is now known as the Global Financial Crisis.

” Former Ireland Bank CEO Sentenced to 6 Years in Jail for Misleading Clients and Investors “

David Drumm, a chartered accountant, had became the CEO of Anglo Irish Bank in his late 30s in 2005.  The Irish bank grown rapidly during the “Celtic Tiger” years, the economic phase of Republic of Ireland which expanded rapidly between mid-1990s to late-2000s, through foreign direct investments and property boom.  (Celtic refers to the Celtic culture, region and language that includes Ireland, Wales, Ireland, Brittany, Scotland.  Tiger refers to a fast growing economy such as the Asian Tiger in the 1960s to 1990s: Hong Kong, Singapore, South Korea and Taiwan)
In 2008, David Drumm stepped down as CEO of Anglo Irish Bank following the outbreak of the scandal.  In 2009, he moved to Boston in United States and subsequently filed for bankruptcy, where the move is reported to escape the harsher bankruptcy law in Ireland.  In 2015, he was arrested on an extradition warrant by the US Attorney’s Office in Massachusetts on the request of the Republic of Ireland.  Anglo Irish Bank was an Irish bank from 1964 to 2011, merging with Irish Nationwide Building Society in 2011 to form the Irish Bank Resolution Corporation.  In 2013, the bank was placed into liquidation overnight by Ireland’s emergency legislation.

Source: Reuters, Bloomberg, The Guardian, Anglo Irish Bank

 

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