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Bankers fail in appeal against conviction for €7.2bn conspiracy
Summary
The Court of Appeal upheld the convictions of former Anglo Irish Bank head John Bowe (53) and former Irish Life and Permanent chief executive Denis Casey (57) for a single count of conspiring to mislead investors by using interbank loans to inflate Anglo Irish Bank's value by €7.2 billion between 1 March and 30 September 2008. A jury at the Dublin Circuit Criminal Court found them guilty after one of the longest criminal trials in Irish history. Judge Martin Nolan sentenced Bowe to two years and Casey to two years and nine months imprisonment on 29 July 2016. The men appealed, but the three‑judge Court of Appeal, led by Justice Seán Ryan, dismissed the appeals and confirmed the convictions, finding no fault with the trial judge's rulings or the jury's conclusions. The court rejected all grounds of appeal, including objections to evidence, alleged entrapment, and claims that the Financial Regulator's actions could provide a defence. Denis Casey pleaded not guilty.
Who, what, where, when and why
What: Report matter: Bankers fail in appeal against conviction for €7.2bn conspiracy. Charges or matters: a single count of conspiring to mislead investors by using interbank loans to make Anglo appear €7.2bn more valuable between March 1 and September 30, 2008. Procedural stage: appeal
When:
- March 1 Hearing Or Sentence
- September 30, 2008 Hearing Or Sentence
- July 29, 2016 Hearing Or Sentence
- September 25 Other
- October 22, 2008 Hearing Or Sentence
- 2017-06-30 Publication
Why: The apprehension was that because Casey had been Group CEO, somehow or other a higher onus might be placed on him. CNI source report
Case subjects
Appellant
Charges: a single count of conspiring to mislead investors by using interbank loans to make Anglo appear €7.2bn more valuable between March 1 and September 30, 2008 (Alleged Or Contested)
Plea: Not guilty
Outcome: Credit: Collins) The Court of Appeal has upheld the convictions of two former bank executives, jailed last year for a €7.2 billion conspiracy to defraud the public about the true health of Anglo Irish Bank in 2008. Judge Martin Nolan sentenced Bowe to two years and Casey to two years and nine months imprisonment on July 29, 2016.
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