« BackFormer banking executives to be sentenced today for their parts in Anglo defraud conspiracy

Three former banking executives will be sentenced today for their parts in a conspiracy to defraud lenders and depositors in Anglo Irish Bank.

Anglo Irish Bank

The judge has a wide range of options open to him including community service and an unlimited term of imprisonment.

Former Anglo executives Willie McAteer and John Bowe were convicted last month along with Irish Life & Permanent’s former CEO Denis Casey following the longest criminal trial in the history of the state.

 

The men engaged in a dishonest scheme whereby € 7.2bn was exchanged between the two banks during 2008 in order to mislead the public about the strength of Anglo’s corporate deposits.

 

As part of their mitigation, they pointed out that the financial regulator was aware of the transactions and even suggested Irish banks should “pull on the green jersey” and protect each other in the face of what was a turbulent time on the financial markets.

 

Each of the men pleaded for leniency during a lengthy sentence hearing earlier this week and Judge Martin Nolan was reminded that none of them made any personal gain and all have suffered irreparable reputational damage.

 

Sentences are due to be handed down later this morning.