Courts / Dublin / Report
Former ILP Director of Finance acquitted of €7.2 bn conspiracy
Summary
In a Dublin Circuit Criminal Court hearing, former Irish Life and Permanent finance director Peter Fitzpatrick, aged 63, was acquitted of conspiracy charges relating to a €7.2 billion scheme that allegedly defrauded Anglo Irish Bank in 2008. The jury, after nearly 47 hours of deliberation, returned a not‑guilty verdict. Fitzpatrick, who had pleaded not guilty, was discharged from the indictment by Judge Martin Nolan. The case involved allegations that Fitzpatrick, along with former ILP CEO Denis Casey (56), Anglo's former head of capital markets John Bowe (52), and Anglo's former finance director Willie McAteer (65), conspired to mislead investors, depositors and lenders by creating a circular transaction scheme between March 1 and September 30 2008. The scheme purportedly inflated Anglo's customer deposits from €44 billion to €51 billion, a 16 % increase. Fitzpatrick's lawyers argued that the deposits were genuine and properly accounted for, while the prosecution alleged intent to deceive. The other accused, Casey, remains on trial.
Who, what, where, when and why
What: Report matter: Former ILP Director of Finance acquitted of €7.2 bn conspiracy. 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:
- July 25th Adjournment
- March 1st Other
- September 30th, 2008 Other
- December 3rd 2008 Other
- 2016-06-03 Publication
Case subjects
Convicted Person
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
Outcome: They have been remanded on bail pending sentence until July 25th next.
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
Outcome: They have been remanded on bail pending sentence until July 25th next.
Places mentioned
- Dublin
- Dublin Circuit Criminal Court
- Dublin
- Tipperary Town
- Tipperary
- Convent Lane
- Portmarnock
Topics
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