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Bankers jailed over €7.2bn conspiracy
Summary
Three former banking executives – John Bowe (52), Willie McAteer (65) and Denis Casey (56) – were jailed for conspiring to create a €7.2 billion market deception scheme. The scheme involved sham deposits made in September 2008 to make Anglo Irish Bank's books appear healthier. Judge Martin Nolan described the scheme as "deceitful, dishonest and corrupt" and said it undermined public trust in blue‑chip companies. Bowe received a two‑year sentence, McAteer three and a half years, and Casey two years and nine months. The judge noted that the executives had acted with knowledge of the scheme's illegality and that the scheme had no net benefit to the State or the banks. The trial was the longest criminal case in Irish history, with a jury deliberating 65 hours before convicting the three. The judge highlighted the role of Anglo's former CEO, David Drumm, and the auditors Ernst & Young in the scheme. Denis Casey pleaded not guilty and was convicted.
Who, what, where, when and why
What: Report matter: Bankers jailed over €7.2bn conspiracy. Charges or matters: 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. Findings: Convicted
When:
- September 2008 Other
- March 1st Hearing Or Sentence
- September 30th, 2008 Hearing Or Sentence
- July 2008 Hearing Or Sentence
- 2016-07-29 Publication
Why: The deals were done in September 2008 in order to make Anglo's books look healthier that they actually were. CNI source report
Case subjects
Convicted Person
Charges: 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 (Proven)
Plea: Not guilty
Finding: Convicted
Outcome: Convicted; Credit: Collins) Three former banking executives have been jailed for conspiring in a "deceitful and corrupt" €7 billion market deception scheme. He imposed a two year sentence on Bowe, telling him the lower sentence was because he was "a lesser functionary" and not a board member.
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