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David Drumm, the former CEO of Anglo Irish Bank who was jailed for his role in a € 7.2 billion fraud, is free after serving three years and four months in prison.
Drumm was released from the low security prison at Loughan House in Blacklion, Co Cavan at 10.30am on Monday, it has been confirmed.
In total, the former banker spent two years and eight months in an Irish jail, plus another six months in US prisons while fighting extradition.
Irish authorities brought the former banker back to Ireland to face 33 charges including forgery, conspiracy to defraud and false accounting related to Anglo-Saxon transactions in late 2007 and 2008, as he was fighting to avoid collapse.
He and his family moved to Massachusetts in June 2009, six months after resigning from the bank, and settled with his family in Wellesley, a wealthy Boston city.
In June 2018, Drumm was sentenced to six years in prison, receiving credit for five and a half months served in Massachusetts in the US, for his role in a € 7.2 billion fraud perpetrated at the peak of the banking crisis. in 2008.
‘Reprehensible’
In her sentencing, Judge Karen O’Connor said that Drumm engaged in “tremendously reprehensible behavior” and that her motivation for keeping Anglo open, as her defense team argued during the 87-day trial, was “irrelevant” and “offers no excuse.” for fraud and dishonesty ”.
In an eight-page ruling, the judge said Drumm, as the bank’s chief executive, held “a position of trust, when he authorized, directed and actively participated in this dishonest and fraudulent scheme.”
“This crime was premeditated and planned, and in fact, the evidence was that this fraud was done with significant planning,” he said in his ruling in the Dublin Circuit Criminal Court.
The judge noted that she was not condemning Drumm for “causing the financial crisis” or “for the recession that occurred.” The violation did not cause the bank to collapse, he added.
The court was only sentencing Drumm for two specific crimes: conspiracy to defraud and false accounting in connection with the € 7.2 billion transactions.
“In this case, two publicly traded blue chip companies conspired to manipulate the public accounts of Anglo Irish Bank,” Judge O’Connor said.
“Mr. Drumm, along with others, mounted a rogue scheme and engaged in transactions designed to inflate a non-bank’s deposits to Anglo Irish Bank on September 30, 2008, which was the reporting year end date for that Bank”.
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