Belfast Telegraph

Wednesday 27 August 2014

Anglo fraud jury considers verdict

Pat Whelan pleaded not guilty to providing unlawful financial assistance to a hand-picked group of clients

The jury in a fraud trial of three Anglo Irish Bank directors over a multimillion loans-for-shares scheme will this morning begin a second full day of deliberations.

Sean FitzPatrick, 65, from Greystones, Co Wicklow; Pat Whelan, 51, of Malahide, Co Dublin; and William McAteer, 63, of Rathgar, Dublin, all pleaded not guilty to providing unlawful financial assistance to a hand-picked group of clients in July 2008 to buy shares.

Dublin Circuit Criminal Court has been told the 619 million euro (£510 million) plot was concocted to stabilise Anglo's share price as it tanked on world markets.

The stock had originally been bought up in secret trades by industrialist and now-bankrupt Sean Quinn in a 2.4 billion euro (£1.9 billion) doomed gamble on the bank.

It is alleged money was lent to a select group of Anglo clients known as the Maple 10 and members of the Quinn family to buy up the holding.

The 12 jurors - selected by ballot from a panel of 14 - went out on Friday afternoon and have deliberated for about six hours in total.

They have requested to see transcripts of evidence given by former Anglo directors Matt Moran and Fiachra O'Neill, who were granted immunity and gave evidence for the state.

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