Three former Irish banking executives were sentenced to jail for their conspiracy to defraud lenders and depositors in Anglo Irish Bank in 2008.
Former Anglo's Finance Director Willie McAteer was jailed for 3.5 years, his colleague John Bowe got two years in jail. Irish Life & Permanent’s former CEO Denis Casey was also sentenced to two years in prison.
Willie McAteer and John Bowe were convicted last month along with Denis Casey following the longest criminal trial in the history of the state.
The three men were involved in setting up a circular scheme of billion euro transactions where Anglo moved money to ILP and ILP sent the money back, via their assurance firm Irish Life Assurance, to Anglo.
The scheme was designed so that the deposits came from the assurance company and would be treated as customer deposits, which are considered a better measure of a bank’s strength than inter-bank loans.
As part of their mitigation, they pointed out that the financial regulator was aware of the transactions and even suggested Irish banks should “pull on the green jersey” and protect each other in the face of what was a turbulent time on the financial markets.
Judge Martin Nolan has a wide range of options open to him, including community service and an unlimited term of imprisonment. Lawyers for the accused have asked for leniency.
One of sentenced man has a previous conviction. In 2014 Willie McAteer was convicted of giving unlawful loans to ten developers and carried out 240 hours of community service.