Sentencing of former Anglo bankers convicted of misleading scheme is underway

The sentence hearing is underway of three former bankers who engaged in a dishonest scheme to mislead the public about Anglo Irish Bank in 2008. The men were convicted last month following the longest running criminal trial in the history of the State. Banks were struggling to get funding in 2008 and through a series…

Anglo Irish BankThe sentence hearing is underway of three former bankers who engaged in a dishonest scheme to mislead the public about Anglo Irish Bank in 2008.

The men were convicted last month following the longest running criminal trial in the history of the State.

Banks were struggling to get funding in 2008 and through a series of brainstorming sessions at Anglo Irish Bank, it was decided to engage in a series of transactions with Irish Life & Permanent whereby 7.2 billion euro was transferred between them and came back to Anglo as corporate deposits through Irish Life Assurance.

Last month, a jury found former Anglo executives Willie McAteer and John Bowe and IL&P’s former CEO Denis Casey of engaging in what they considered to be a conspiracy to defraud the public about Anglo’s health.

The trial went on for 89 days and the jurors returned with their final verdict after deliberating for just under 62 hours.

Their sentence hearing got underway this morning with Judge Martin Nolan being reminded of the evidence against the three former bankers.

He has a wide range of sentencing options open to him from community service to an unlimited term of imprisonment.