David Drumm gets 15 month suspended sentence for giving illegal loans

The judge said one mitigating factor was the former Anglo CEO's guilty plea

David Drumm gets 15 month suspended sentence for giving illegal loans

David Drumm. Photo: Leah Farrell/RollingNews.ie

David Drumm has been given a 15 month suspended sentence for giving illegal loans to the so called Maple 10.

The former Anglo Irish Bank CEO is already in prison for conspiring to defraud people about the health of the now defunct bank.

Mr Drumm admitted last month to ten charges of giving unlawful loans to a group of businessmen known as the Maple 10.

The loans were used to unwind a huge stake in Anglo Irish Bank that was secretly built up by former billionaire Sean Quinn through risky financial instruments called Contracts for Difference.

The court heard the scheme was devised by Mr Drumm and executed by others under instruction by him while he was at the helm.

Today Judge Karen O’Connor handed the 51-year-old from Skerries in Dublin a 15 month sentence, but suspended it in full.

She said one mitigating factor was his guilty plea - which meant a long and complex trial was avoided.

Drumm, who was dressed in jeans and a t-shirt, is already serving six years after being convicted of conspiracy to defraud and false accounting.