Courts / Tipperary / Report
Anglo exec won't serve any extra jail time over fraudulent €8m loan
Summary
In January 2017, Judge Martin Nolan sentenced former Anglo Irish Bank director Willie McAteer to two and a half years' imprisonment for fraudulently securing an €8 million loan in September 2008 to prevent the bank's collapse. McAteer, then director of finance, obtained the loan against his shares and used it to repay a personal loan from Bank of Ireland. The loan was part of a scheme devised by Anglo's board to avoid a sale of shares that could damage confidence. McAteer had already been serving a three and a half year term for a separate €7.2 billion fraud conviction; the new sentence runs concurrently. The judge noted the fraud was motivated by survival pressure and deemed a consecutive sentence unjust. The order commenced on the day of sentencing. The case also involved former director Pat Whelan, fined €3 000 for failing to keep proper records of the loan. The court found no further charges pending against McAteer. Willie McAteer pleaded guilty.
Who, what, where, when and why
What: Report matter: Anglo exec won't serve any extra jail time over fraudulent €8m loan. Charges or matters: obtaining a loan of €8 million from Anglo on September 29, 2008 which he secured against his shares in the bank. Procedural stage: sentence
When:
- September 2008 Other
- July 2016 Other
- September 29, 2008 Other
- September 29th, 2008 Other
- January 2009 Other
- 2017-01-23 Publication
Why: Credit: Collins) By Declan Brennan and Conor Gallagher Former Anglo Irish Bank executive Willie McAteer will not serve any extra time in prison for receiving a fraudulent loan in September 2008 in order to keep the bank from failing. CNI source report
Case subjects
Defendant
Charges: obtaining a loan of €8 million from Anglo on September 29, 2008 which he secured against his shares in the bank (Admitted)
Plea: Guilty
Outcome: Imposing a sentence of two and a half years Judge Nolan said that at the time McAteer and executives in the bank were under considerable pressure and their whole ambition was survival. He was sentenced to three and a half years in 2016 for conspiracy to defraud involving interbank loans worth €7.2 billion.
Places mentioned
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