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Every action by Regulator "consistent with approving" €7bn deal, conspiracy trial told
Summary
In a closing‑stage criminal trial in Dublin Circuit Criminal Court, four former executives from Anglo Irish Bank and Irish Life & Permanent (ILP) were accused of conspiring to defraud investors by misrepresenting Anglo's financial health through a €7.2 billion circular transaction scheme between 1 March and 30 September 2008. The defendants – Denis Casey (56), Peter Fitzpatrick (63), John Bowe (52) and Willie McAteer (65) – pleaded not guilty. Defence counsel argued that the Financial Regulator's actions, while not approving the deal in advance, were consistent with approving it after 30 September, and that the transactions were not dishonest or criminal. The prosecution presented evidence that the Regulator was aware of the deal in detail by October, before Anglo's balance sheet was published in December.
Who, what, where, when and why
What: Report matter: Every action by Regulator "consistent with approving" €7bn deal, conspiracy trial told. Charges or matters: conspiring together and with others to mislead investors by setting up a €7.2 billion circular transaction scheme between March 1st and September 30th, 2008 to bolster Anglo's balance sheet. Procedural stage: trial
When:
- March 1st Hearing Or Sentence
- September 30th, 2008 Hearing Or Sentence
- September 30 Other
- 2016-05-13 Publication
Case subjects
Accused
Charges: conspiring together and with others to mislead investors by setting up a €7.2 billion circular transaction scheme between March 1st and September 30th, 2008 to bolster Anglo's balance sheet (Alleged Or Contested)
Plea: Not guilty
Places mentioned
- Dublin
- Convent Lane
- Portmarnock
- Tipperary Town
- Tipperary
- Dublin
- Dublin Circuit Criminal Court
Topics
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