Courts / Dublin / Report
Former ILP chief guilty of €7.2 billion conspiracy
Summary
In a landmark case, Denis Casey, former Group Chief Executive of Irish Life and Permanent Group, was found guilty of a €7.2 billion conspiracy to defraud. The trial, the longest in Irish history, lasted 14 days with 61 hours of jury deliberation. Casey, aged 56, and three other ex‑banking executives had pleaded not guilty to charges of misleading investors, depositors and lenders about Anglo's financial health in 2008. The jury also convicted Anglo's former head of capital markets, John Bowe (52), and finance director Willie McAteer (65) of conspiring to mislead the public about Anglo's balance sheet, while Peter Fitzpatrick (63) was acquitted after 47 hours of deliberation. The scheme involved a circular transaction that inflated Anglo's customer deposits from €44 bn to €51 bn, a 16 % increase, by moving €7.2 bn between ILP and Anglo through Irish Life Assurance.
Who, what, where, when and why
What: Report matter: Former ILP chief guilty of €7.2 billion conspiracy. Charges or matters: conspiring to mislead investors, depositors and lenders about the true health of Anglo in 2008; conspiring together and with others to defraud by setting up a €7.2 billion circular transaction scheme between March 1st and September 30th, 2008 to bolster Anglo's balance sheet with the intention of misleading investors. Procedural stage: sentence
When:
- July 25th Adjournment
- March 1st Other
- September 30th, 2008 Other
- December 3rd 2008 Other
- 2016-06-09 Publication
Case subjects
Convicted Person
Charges: conspiring to mislead investors, depositors and lenders about the true health of Anglo in 2008; conspiring together and with others to defraud by setting up a €7.2 billion circular transaction scheme between March 1st and September 30th, 2008 to bolster Anglo's balance sheet with the intention of misleading investors (Alleged Or Contested)
Plea: Not guilty
Outcome: They have been remanded on bail pending sentence until July 25th next.; They have been remanded on bail pending sentence until July 25th next.
Places mentioned
- Dublin
- Dublin Circuit Criminal Court
- Dublin
- Convent Lane
- Portmarnock
- Tipperary Town
- Tipperary
Topics
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