Seán FitzPatrick expelled and fined by accountant association

Chartered Accountants said that Mr FitzPatrick had accepted the findings following an investigation

Seán FitzPatrick expelled and fined by accountant association

Former Anglo Irish chief Seán FitzPatrick has been excluded as a member of Chartered Accountants Ireland (CAI) and fined €25,000 by its disciplinary arm.

Chartered Accountants said that Mr FitzPatrick had accepted the findings following an investigation by its committee led by John Purcell, the former comptroller and auditor general.

The investigation involved “the concealment” of multi-million loans when Mr FitzPatrick led the bank.

“The fact that Mr FitzPatrick was chief executive or chairman of the bank over the period of concealment adds to the gravity of this misconduct,” it said.

In light of the above, Mr FitzPatrick accepted that the appropriate sanction to meet the gravity of his conduct was exclusion from membership of the institute and he consented to this.

“Mr FitzPatrick has further undertaken not to make any future application for reinstatement,” it said.

Chartered Accountants opened its investigation as long ago as 2009.

The following year, it decided Mr FitzPatrick had a disciplinary case to answer but its tribunal was delayed until last year at the request of the DPP until all the legal cases involving Anglo and other bankers were completed.

Mr FitzPatrick was acquitted on all charges against him in 2017.

Earlier this year, Chartered Accountants in a disciplinary tribunal awarded costs of €15,000 against former Anglo chief David Drumm.

It has outstanding investigations against two other former bankers and Anglo’s former auditor Ernst & Young, or EY.

More in this section

Budget 2022 Logo

What impact will this  year's budget have on you and your business.

IE logo
Devices


UNLIMITED ACCESS TO THE IRISH EXAMINER FOR TEAMS AND ORGANISATIONS
FIND OUT MORE

The Business Hub
Newsletter

News and analysis on business, money and jobs from Munster and beyond by our expert team of business writers.

Sign up
Puzzles logo
IE-logo

Puzzles hub

Visit our brain gym where you will find simple and cryptic crosswords, sudoku puzzles and much more. Updated at midnight every day. PS ... We would love to hear your feedback on the section right HERE.

Lunchtime
News Wrap

A lunchtime summary of content highlights on the Irish Examiner website. Delivered at 1pm each day.

Sign up
Revoiced
Newsletter

Some of the best bits from irishexaminer.com direct to your inbox every Monday.

Sign up