Ex-banker Sean Fitzpatrick formally acquitted at Dublin Circuit Criminal Court

A judge has told former banker and bankrupt Sean Fitzpatrick he is a free man after directing a jury to find him not guilty of fraud.

The ex-chairman of the defunct Anglo Irish Bank had been on trial for the last 126 days accused of "artificially reducing" personal loans for a few weeks around the end of the financial year so their full value was not shown in accounts.

After the longest criminal trial in Irish history, the former bank boss, who always denied wrongdoing and pleaded not guilty, returned to the Circuit Criminal Court in Dublin for one last time on Wednesday morning to hear the formal acquittal.

The Office of the Director of Corporate Enforcement (ODCE), set up in 2001 to crack down on white collar crime, has said it fully accepts a judge's criticism of its investigation into the former Anglo chief's loans.

The watchdog accepted witnesses were coached when giving statements during the investigation and that their evidence was contaminated.

Judge John Aylmer told the jury that he would not repeat a lengthy ruling he gave in their absence on Tuesday when he told Mr Fitzpatrick he would be acquitted.

"The prosecution having confirmed that there is nothing else against you, you are free to go," the judge told the former bank boss.

Mr Fitzpatrick, who was supported in court by his daughter Sarah, said: "Thank you."

The ex-banker, who built Anglo over 30 years to become one of the biggest lending institutions in Ireland, declined to comment on the case as he left the courts but said he celebrated the verdict on Tuesday night.

"I've said everything I had to say yesterday, thank you very much," he said.

"I don't want to be rude but I'm not going to speak or make any comment."

After being told on Tuesday that he would be acquitted, Mr Fitzpatrick described the trial as very long, tiring and difficult.

The 68-year-old of Whitshed Road, Greystones, Co Wicklow had pleaded not guilty to more than two dozen offences under company law including making a misleading, false or deceptive statement to auditors and furnishing false information between 2002 to 2007.

Judge Aylmer gave the jury a brief outline of why he was directing the not guilty verdict.

"If any of you have been reading the newspapers or the internet contrary to my admonitions I can forgive you in that regard," he said.

"I've made a decision in a matter of law that the prosecution has not established a sufficient case to go to the jury."

The judge said: "The thrust of what I've decided is that there was an investigation of the charges against Mr Fitzpatrick which fell short of that which an accused person is entitled to."

He added: "There are shortcomings in the evidence in relation to each of the charges which meant that there was an insufficient case."

The jurors, who heard the case over eight months, have been excused from jury service for life.

The ODCE said it accepted witnesses from auditors Ernst and Young were coached while making statements and their evidence was contaminated.

The former banker's acquittal sparked criticism from opposition politicians over the handling of the investigation, including a call for the head of the agency Ian Drennan to resign.

The Director of Public Prosecutions, which does not normally discuss the outcome of cases, declined to comment.

This was the second time Mr Fitzpatrick stood trial over his personal loans from Anglo.

The first case collapsed in 2015 after it was disclosed that documents held by the ODCE had been shredded by one of its officials.

Mr Fitzpatrick was previously found not guilty by a jury after being charged over multi-million loans that Anglo gave to major clients, known as the Maple 10, to buy shares in the bank as its stock market price collapsed.

Anglo went bust eight years ago and cost the Irish state about €29 billion.

Related Articles

Claims of corporate affairs watchdog being under-resourced 'seriously concerning', says Fitzgerald

Director of Corporate Enforcement to prepare report into collapse of Seán Fitzpatrick trial

No need for cross examination of official overseeing Sean Dunne's bankruptcy, court hears

Watchdog accepts criticism after judge acquits ex-Anglo chief Sean FitzPatrick

More in this Section

Retired surgeon denies assaulting six teenage boys

Government set for big defeat over women’s pension anomaly

17-year-old described as a risk to community and women in 'alarming and distressing case'

‘Day-to-day life changed hugely’ for girl after horrific assault by teenager

Today's Stories

Ophelia leaves 74,000 Co Cork homes without power

Fr Peter McVerry: ‘Evictions are a return to famine times’

Where, when and how to get to Ireland's World Cup play-off against Denmark

Drunken brawl was ‘bit of a storm in a teacup’


Remembering the dead: Poignant reason behind Cork’s Zombie Walk

Eight events around Ireland to check out for some frightful fun this Halloween

Massacre at mass on Scariff Island

Ask Audrey: 'It’s like I’m in a horror movie called Revenge of the Norries'

More From The Irish Examiner