Former Anglo CEO David Drumm found guilty of €7.2bn conspiracy to defraud

The trial lasted 87 days

Former Anglo CEO David Drumm found guilty of €7.2bn conspiracy to defraud

David Drumm arriving at the Central Criminal Court this morning. Photo: Leah Farrell/RollingNews.ie

Updated 15:50

The former CEO of Anglo Irish Bank David Drumm has been found guilty of taking part in a €7.2bn conspiracy to defraud investors and depositors.

He was also found guilty of furnishing false information to the market in December 2008 about the strength of Anglo’s deposits.

During the marathon trial, the prosecution described multi-million Euro circular transactions between Anglo and Irish Life & Permanent as a “a massive con” designed to trick investors, depositors and lenders about the strength of the former bank.

The prosecution claimed they were carried out with a view to making Anglo's deposits look better than they actually were.

David Drumm was accused of calling the shots and of conspiring with others to defraud.

“The others” being Anglo’s former Finance Director Willie McAteer, its one-time head of Capital Markets John Bowe and the former head of IL&P Denis Casey – all of whom were convicted of the same conspiracy charge two years ago.

Drumm accepted the transactions took place but denied they were fraudulent or dishonest.

The jury disagreed after ten and a half hours of deliberations; bringing the curtain down on an 87-day trial.

David Drumm sat in the dock with his legs and arms crossed. His left hand appeared to be shaking just before the verdicts were announced.

He was found guilty on both counts and his sentence hearing was adjourned for two weeks on humanitarian grounds.

The court heard his wife and two children are out of the country at the moment.

Drumm was remanded until June 20th on continuing bail.