June 6, 2018 / 2:25 PM / 4 months ago

Former Anglo Irish CEO found guilty of defrauding depositors, investors

DUBLIN, June 6 (Reuters) - The former chief executive of the failed Anglo Irish Bank, David Drumm, was found guilty on Wednesday of conspiring to defraud depositors and investors during a banking crisis that crippled the country’s economy a decade ago.

Drumm, 51, had pleaded not guilty to charges of dishonestly creating the impression that deposits at the since collapsed lender were 7.2 billion euros larger than they actually were in 2008 when the country’s banks began to get into trouble.

He was found also guilty of false accounting, a second charge he had denied.

Anglo Irish, which was nationalised in 2009 and wound down from 2011, was synonymous with the lending practices that drove the “Celtic Tiger” boom and subsequent bust, pushing the state to the brink of meltdown in 2010. (Reporting by Graham Fahy, writing by Padraic Halpin; editing by David Evans)

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