Former Anglo CEO David Drumm to be sentenced for conspiracy to defraud

The prosecution described it as a "massive con"

Former Anglo CEO David Drumm to be sentenced for conspiracy to defraud

File photo shows David Drumm leaving court in Dublin | Image: Leah Farrell/RollingNews.ie

The former chief executive of Anglo Irish Bank is to be sentenced later today.

David Drumm was convicted earlier this month of conspiring to defraud and false accounting.

His marathon trial came to an end on June 6th when a jury found him guilty of conspiring with others to give people the impression Anglo Irish Bank was €7.2bn healthier than it actually was in 2008.

The prosecution described it as a "massive con" to mislead investors, depositors and lenders about its health at a time when it - along with the Irish economy - was on a downward spiral.

His conviction brought an end to a story that began a decade ago and involved him moving to the US where he was arrested in Boston in 2015.

He ended his fight for extradition in February of last year and agreed to return to Ireland to face the charges.

During his trial, he accepted the multi-million euro transactions that moved between Anglo and Irish Life & Permanent took place - but he denied they were fraudulent or dishonest.

The jury did not believe him.

He was allowed to take up bail after his conviction but is due back in court on Wednesday for his sentence hearing.