Belfast Telegraph

Anglo Irish trio to stand trial

Books of evidence against the former Anglo Irish Bank chief Sean Fitzpatrick and two former senior executives have been brought before court.

A trial was ordered after ex-chief executive and chairman Fitzpatrick appeared before Dublin District Court with co-accused Pat Whelan and Willie McAteer.

No date for the trial has been fixed.

Fitzpatrick, 64, former finance director McAteer, 61, and former managing director of lending Whelan, aged 50, face 16 charges of trying to falsely inflate the toxic lender's share price in 2008.

The 16 charges are linked to loans of 451 million euro in an alleged insider trading plot involving the family of bankrupt former billionaire Sean Quinn and a golden circle of Anglo clients handpicked to invest in stock to prop up the share price.

Judge Cormac Dunne adjourned the case with a date to be fixed for trial.

It is alleged Anglo loaned out huge sums of money to the Quinns and the so-called Maple 10 investors in the aftermath of the share price collapse in March 2008.

The alleged plot involved buying some of Quinn's shareholding rather than let it flood the market and compound losses.

An investigation was commenced after the toxic bank - which has cost the Irish taxpayer 30 billion euro - was nationalised in 2009.

If found guilty, Fitzpatrick, Whelan and McAteer face up to five years in jail and fines of more than 3,100 euro for each offence.


From Belfast Telegraph