Ireland David Drumm gets 15-month suspended sentence for role in illegal loan scheme

19:51  10 july  2018
19:51  10 july  2018 Source:   thejournal.ie

Jailed Drumm gets to keep €4.4m pension pot 'protected by Irish law'

  Jailed Drumm gets to keep €4.4m pension pot 'protected by Irish law' Creditors of David Drumm have been unable to lay claim to the disgraced former Anglo Irish Bank chief executive's €4.4m pension pot.But a US bankruptcy trustee has concluded the massive pot is protected under Irish law. As a result, it could not be cashed in for the benefit of creditors, who include Anglo's successor IBRC.

Former Chief Executive Officer of Anglo Irish Bank David Drumm has been given a suspended sentence of 15 months for giving illegal loans to ten developers to prop up Anglo's share price in 2008.

The former Chief Executive Officer of Anglo Irish Bank, David Drumm will be sentenced tomorrow afternoon for giving illegal loans to ten developers to buy shares in Anglo The loans were part of a scheme designed to unwind a stake of 28% in the bank, built up secretly by businessman Sean Quinn.

Former Anglo Irish bank chief executive David Drumm. © Leah Farrell via RollingNews.ie Former Anglo Irish bank chief executive David Drumm. DAVID DRUMM, THE former CEO of Anglo Irish Bank, has received a fully suspended sentence of 15 months for his role in an illegal loan scheme.

Drumm (51) of Skerries, Co Dublin pleaded guilty last month to ten counts of authorising or permitting Anglo Irish Bank to give unlawful financial assistance for the purchase of bank shares to the so-called Maple Ten group of developers and businessmen between 10 and 17 July 2008.

Former Anglo Irish Bank Chief Executive David Drumm, arrives at the Criminal Courts of Justice for a sentence hearing in Dublin, Ireland, June 20, 2018. REUTERS/Clodagh Kilcoyne © Reuters Former Anglo Irish Bank Chief Executive David Drumm, arrives at the Criminal Courts of Justice for a sentence hearing in Dublin, Ireland, June 20, 2018. REUTERS/Clodagh Kilcoyne

The loans were part of a scheme designed to unwind a secret 28% stake Cavan businessman Sean Quinn had built up in the bank using financial instruments called contracts for difference (CFDs).

"Justice To All": Nirbhaya's Mother As Court Confirms Death For Rapists

  "Justice To All": Nirbhaya's Mother As Court Confirms Death For Rapists"It is justice to all," said Nirbhaya's mother Asha Devi, who was present in court for the verdict. But she said their "struggle does not end here", referring to the legal steps that still remain before the death sentence is carried out. The convicts can file one more petition challenging their sentence before they ask the President for mercy.

A suspended sentence is a legal term for a judge's delaying of a defendant's serving of a sentence after they have been found guilty, in order to allow the defendant to perform a period of probation. If the defendant does not break the law during that period

An Oxford University student who stabbed her boyfriend with a bread knife has been given a suspended prison sentence . The judge, Ian Pringle QC, sitting at Oxford crown court, sentenced Woodward to 10 months in prison suspended for 18 months .

Drumm was transferred to court from Mountjoy Prison where he is serving a six-year prison term imposed last month after a jury convicted him of conspiring to carry out a €7.2bn fraudulent loan scheme in 2008.

Former Anglo Irish Bank Chief Executive David Drumm, arrives at the Criminal Courts of Justice for a sentence hearing in Dublin, Ireland, June 20, 2018. REUTERS/Clodagh Kilcoyne © Reuters Former Anglo Irish Bank Chief Executive David Drumm, arrives at the Criminal Courts of Justice for a sentence hearing in Dublin, Ireland, June 20, 2018. REUTERS/Clodagh Kilcoyne

The sentence imposed today is to run concurrent to this sentence to date from today and the court ordered that he be given credit of five months and five days for time already spent in custody.

During a sentence hearing on Monday Brendan Grehan SC, defending, told the court that Drumm was trying to resolve a problem “entirely created” by Quinn, when he engaged in the illegal scheme to lend money to high net-worth individuals to buy shares in the bank.

Dart services suspended between Bray and Greystones due to fire

  Dart services suspended between Bray and Greystones due to fire The fire started in front of a tent.The suspension will affect trains between Bray and Greystones.

Former Anglo Irish Bank chief executive David Drumm will be sentenced on Tuesday at 2pm for his role in an illegal share-buying scheme aimed at propping up the bank’s share price in July 2008.

Judge O'Connor said Drumm will get credit for the five months he spent in a US federal penitentiary before he ultimately consented to his extradition in March 2016. Former Anglo Irish Bank CEO David Drumm has been jailed for six years for his role in a multi-billion euro bank fraud scheme in 2008.

Former CEO of Anglo Irish Bank, David Drumm, arrives at Dublin Circuit Criminal Court in Dublin, Ireland on June 20, 2018. - Drumm was on Wednesday jailed for six years for conspiracy to defraud and false accounting. At an earlier hearing, Drumm had been found guilty of fraud and false accounting whilst working at Anglo Irish Bank, whose rapid fall from grace epitomised the Irish financial collapse. He was accused of transferring huge sums between his bank and another financial institution, sometimes only for a few hours, to make the bank's balance sheet look better than it was. (Photo by STRINGER / AFP)        (Photo credit should read STRINGER/AFP/Getty Images) © Getty Former CEO of Anglo Irish Bank, David Drumm, arrives at Dublin Circuit Criminal Court in Dublin, Ireland on June 20, 2018. - Drumm was on Wednesday jailed for six years for conspiracy to defraud and false accounting. At an earlier hearing, Drumm had been found guilty of fraud and false accounting whilst working at Anglo Irish Bank, whose rapid fall from grace epitomised the Irish financial collapse. He was accused of transferring huge sums between his bank and another financial institution, sometimes only for a few hours, to make the bank's balance sheet look better than it was. (Photo by STRINGER / AFP) (Photo credit should read STRINGER/AFP/Getty Images)

Grehan asked Judge Karen O’Connor to consider that the offences arose as a result of the growing financial speculation by Ireland’s richest man, Quinn, on Anglo shares using CFDs.

“This was a problem entirely of the creation of Sean Quinn,” he said. Grehan said the building up of the large CFD position was done in secret using different brokers. He said the bank was being placed in an incredibly vulnerable position at the worst time in the context of a growing global financial crisis.

Hatton Garden jewellery heist 'guv'nor' Brian Reader, 79, is released from prison after serving just half of his seven-year sentence – despite stolen gems worth millions still being missing

  Hatton Garden jewellery heist 'guv'nor' Brian Reader, 79, is released from prison after serving just half of his seven-year sentence – despite stolen gems worth millions still being missing Brian Reader, the oldest member of the gang dubbed the Diamond Wheezers, walked free from Belmarsh prison in south-east London last week.  He was one of a team which bored into the vault with a drill and stole from more than 70 safety deposit boxes over Easter 2015.

Joke of a sentence .. Shd be given @ least 15 minium. The same sentence as a handbag snatcher would get . Don't forget your night time lullaby David . ‘Deutschland, Deutschland, Uber Alles’ !!

Earlier this year, the 80-year-old founder of Adelphia Communications Corp., John J. Rigas, received a 15 -year prison sentence . Former Tyco International Ltd. chief L. Dennis Kozlowski is scheduled to be sentenced next month on larceny charges.

Former Anglo Irish Bank chief executive, David Drumm, leaves the Criminal Courts of Justice after being found guilty in Dublin, Ireland June 6, 2018. REUTERS/Clodagh Kilcoyne © Reuters Former Anglo Irish Bank chief executive, David Drumm, leaves the Criminal Courts of Justice after being found guilty in Dublin, Ireland June 6, 2018. REUTERS/Clodagh Kilcoyne

Pat Whelan (56) of Malahide, Dublin and Anglo’s former Director of Finance William McAteer (67) of Greenrath, Tipperary town, Co Tipperary were convicted in 2014, after a three month trial, of the same ten charges. They were each ordered to carry out 240 hours of community service.

Drumm was jailed last month after a jury returned unanimous verdicts of guilty on a charge of conspiracy to defraud and false accounting, following an 87-day trial.

Never miss an important story, Follow us on Facebook, and on Twitter

Man pleads guilty to unlawfully killing nephew's friend .
Man pleads guilty to unlawfully killing nephew's friendThe manslaughter plea was accepted by the State and Tadhg Butler was remanded in custody until a sentence hearing on 18 October.

—   Share news in the SOC. Networks

Topical videos:

This is interesting!