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Former Anglo Irish Bank CEO David Drumm has been released. The former chartered accountant was released from Loughan House low security prison in Co Cavan this morning.
Drumm was sentenced to six years in prison in June 2018.
He was convicted of conspiracy to defraud and false accounting after arranging dishonest and fraudulent transfers of billions of euros to boost the books of the failed bank in the months leading up to Anglo Irish’s 2008 implosion.
At the time, Judge Karen O’Connor said Drumm would receive credit for the five and a half months he was detained in the United States during his extradition to Ireland in 2015.
Anglo passed to state control in January 2009 after a run on its deposits and falling share prices.
Bailing out Anglo cost Irish taxpayers billions of euros.
The judge said Drumm was being sentenced for the two crimes for which he had been convicted, and not for Ireland’s financial collapse.
“This court is not sentencing Mr. Drumm for causing the financial crisis. This court is also not condemning Mr. Drumm for the recession that occurred, ”he told the court.
The judge went on to tell the court that she believed eight years in prison was the “appropriate figure for the holder.”
But the judge said: “Taking into account the mitigating factors, this court is going to impose a penalty of six years in prison in relation to charges one and two.”
Drumm was convicted in connection with the € 7.2 billion fraud after a trial that lasted more than 80 days.
He denied conspiring to “dishonestly” create the false and misleading impression that deposits in 2008 were 7.2 billion euros larger than they were, as well as knowingly presenting the false figures to the market in December 2008.
However, he was convicted of two crimes, conspiracy to defraud against common law and false accounting contrary to section 10 of the Criminal Justice (Theft and Fraud) Act 2001.
The judge said the second offense stemmed from the first, and that the jury rejected the submissions made on Drumm’s behalf and unanimously convicted him.
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