Courts / Dublin / Report

Bankers "entitled to fair trial", judge tells conspiracy jury

Summary

Judge Martin Nolan addressed a jury in the longest-running Irish trial, stating that four former Anglo Irish Bank and Irish Life & Permanent executives—Peter Fitzpatrick (63), Denis Casey (56), John Bowe (52) and Willie McAteer (65)—are entitled to a fair hearing and that prejudice must be avoided. The defendants are charged with conspiring to mislead investors by arranging a €7.2 billion circular transaction between March 1 and September 30, 2008 to strengthen Anglo's balance sheet. At the end of day 74, Nolan began his charge, emphasizing the need for impartiality. Defenders Brendan Grehan SC and Michael O'Higgin SC argued that the prosecution failed to prove intent or personal gain, citing the absence of evidence of fraud or stolen funds and the lack of a "smoking gun." They contended that the defendants were unaware of any wrongdoing and that the alleged scheme was a misguided attempt to support Anglo during a period of financial distress. The unnamed accused pleaded not guilty. Peter Fitzpatrick pleaded not guilty. Denis Casey pleaded not guilty. John Bowe pleaded not guilty. Willie McAteer pleaded not guilty.

Who, what, where, when and why

What: Report matter: Bankers "entitled to fair trial", judge tells conspiracy jury. 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; conspiracy to defraud. Procedural stage: trial

When:

• March 1st Hearing Or Sentence
• September 30th, 2008 Hearing Or Sentence
• September 2008 Other
• September 30 Other
• 2016-05-16 Publication

Why: He said it was daft because in September it was "nuclear war" in the finance world and Anglo were experiencing outflows of five billion euro in the week coming up to the end of that month. CNI source report

Case subjects

Places mentioned

Topics

Fraud Stage Trial Theft

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Read the original CNI report