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240 hours of community service for former Anglo executives

Two former Anglo Irish Bank executives have been ordered to carry out 240 hours community service...
Newstalk
Newstalk

08.47 31 Jul 2014


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240 hours of community service...

240 hours of community service for former Anglo executives

Newstalk
Newstalk

08.47 31 Jul 2014


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Two former Anglo Irish Bank executives have been ordered to carry out 240 hours community service for engaging in an illegal share support scheme.

Former finance director Willie McAteer and the bank's former head of Irish lending Pat Whelan were found guilty in April of unlawfully lending €450 million to the so-called Maple Ten investors in July 2008 to buy Anglo shares.

"Enjoy your community service" was Judge Martin Nolan's parting shot to the two former bankers. Whelan thanked the judge, but neither man had any comment to make to the media as they left Dublin Circuit Criminal Court.

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240 hours is the maximum community service order a judge can impose. The men will carry out their service over the next year in lieu of a two year jail sentence.

The court was not told what sorts of tasks McAteer and Whelan will be asked to perform. A Probation Service report confirmed the two men's suitability for community work.

Judge Nolan had indicated at a previous court hearing that it would be inappropriate to jail the former Anglo executives.

It is his view that they were ''led into error and illegality'' by the failure of the Financial Regulator to raise a red flag to the Maple deal.

During the trial, the jury heard the purpose of the transaction was to unwind Cavan businessman Sean Quinn's 29% stake in Anglo Irish Bank which he had built up using Contracts for Difference (CFDs).

Originally published 08:47


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