Courts / Dublin / Report

Former ILP chief only defendant left in longest running trial in Irish history

Summary

In the longest criminal trial in Irish history, jurors at Dublin Circuit Criminal Court acquitted former ILP Finance Director Peter Fitzpatrick of conspiring to mislead investors. The verdict followed nearly 47 hours of deliberations, the longest in the State's history. Judge Martin Nolan discharged Fitzpatrick from the indictment. This leaves former ILP CEO Denis Casey as the sole remaining defendant in the trial, which began in mid-January. Casey is accused of conspiring with others to mislead investors by establishing a €7.2 billion circular transaction scheme between March 1 and September 30, 2008, intended to bolster Anglo Irish Bank's balance sheet. He pleaded not guilty to these charges. Earlier in the trial, Anglo's former head of capital markets, John Bowe, and then finance director Willie McAteer were convicted of the same offence. Both men, who also pleaded not guilty, have been remanded on bail pending sentence until July 25. The prosecution alleged the scheme artificially inflated Anglo's customer deposits from €44 billion to €51 billion. Defence counsel for Casey and Fitzpatrick argued their clients had no control over Anglo's accounting and no intention to mislead the public. The jury will continue considering a verdict on Casey's case.

Who, what, where, when and why

What: Report matter: Former ILP chief only defendant left in longest running trial in Irish history. 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

Places mentioned

Topics

Stage Trial

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Read the original CNI report