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Former banking executives conspired in "manifestly dishonest" scheme, trial told

Summary

In a Dublin Circuit Criminal Court trial, four former Anglo Irish Bank executives—Denis Casey, Willie McAteer, Peter Fitzpatrick and John Bowe—were accused of conspiring to mislead investors by creating an artificial €7.2 billion increase in the bank's customer deposits between March and September 2008. Prosecutor Paul O'Higgins described a scheme involving repeated interbank transfers, including a €1 billion move from Anglo to Irish Life and back, and a €978 million transfer from an Isle of Man subsidiary that was later reversed. The alleged transactions had no commercial substance and were intended solely to inflate Anglo's financial position. All four pleaded not guilty. The case, heard by Judge Martin Nolan, included testimony from Garda Bureau of Fraud Investigation members and former Anglo employees. The trial focused on the alleged deceptive financial manoeuvres and the executives' alleged intent to deceive investors.

Who, what, where, when and why

What: Report matter: Former banking executives conspired in "manifestly dishonest" scheme, trial told. Charges or matters: conspiring together and with others to mislead investors through financial transactions to make the bank appear €7.2 billion more valuable that it was between March 1st and September 30th, 2008 in Dublin. Procedural stage: trial

When:

• March 1st Hearing Or Sentence
• September 30th, 2008 Hearing Or Sentence
• September 2008 Other
• September 29 Other
• September 25 2008 Other
• September 26 Other
• October 2 Other
• 2016-01-20 Publication

Why: He said that on the night that the bank guarantee was being put in place, the artificial transfer of one billion euros was taking place repeatedly in order to make the bank's customer deposits look healthier to anyone examining them. CNI source report

Case subjects

Places mentioned

Topics

Fraud Stage Trial

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Read the original CNI report