Former Anglo Irish Bank chief executive David Drumm sentenced to six years in prison
Anglo Irish Bank’s disgraced former CEO, David Drumm, has been jailed for six years for his part in a €7.2bn plot to defraud the markets during the 2008 financial crisis.
Drumm (51) had the sentence handed down by Judge Karen O’Connor at Dublin Circuit Criminal Court this afternoon.
He was jailed for six years for conspiracy to defraud and given a concurrent six years in prison for false accounting.
He was given credit for five months already spent in custody in the US before he was extradited.
Sentencing him, Judge O’Connor said Drumm had been the "driving force” in Anglo when a "premeditated" scheme was undertaken to defraud the public.
Drumm was found guilty of both charges two weeks ago after a trial that lasted nearly five months, one of the longest in the history of the State.
He had pleaded not guilty to conspiring to defraud by dishonestly creating the impression that Anglo's customer deposits were €7.2bn larger than they really were in September 2008.
He conspired with Anglo’s former Finance Director Willie McAteer and head of Capital Markets John Bowe, as well as Irish Life and Permanent’s then-CEO, Denis Casey, and others.
The case centred on a series of interbank deposits which circulated between Anglo and ILP.
Drumm had also denied false accounting, by providing misleading information to the market in December 2008.
When his sentence hearing began earlier today, his defence barrister Brendan Grehan said Drumm with hindsight recognised he had made a "huge error of judgement."
Mr Grehan had asked Judge O’Connor to take account of the “notoriety” that Drumm was going to carry for the “rest of his days.”
He put no character references or testimonials before the court, which was told Drumm’s life was “an open book.”