Drumm could face up to 33 charges if extradited from US

Former Anglo Irish Bank chief executive David Drumm could face 33 criminal charges in Ireland if the authorities succeed in extraditing him from the US.

Court documents released in Massachusetts outline in detail the counts against Mr Drumm in connection with the collapse of Anglo during the financial crisis. The charges carry penalties ranging from five years behind bars to an unlimited prison term.

The counts were published by Massachusetts district court on the day of Mr Drumm’s first scheduled extradition hearing following his arrest in the US last week. According to the court papers, an arrest warrant was issued for each separate charge on June 27, 2013, by a judge in Dublin.

“In February 2009, the Irish Financial Services Regulatory Authority filed a complaint with An Garda Síochána, Ireland’s national police force, concerning a number of suspected malpractices within Anglo,” stated the 12-page court document. “In the course of the investigation, Drumm was implicated in the alleged malpractices.”

The majority of the 33 counts relate to Mr Drumm’s alleged role in the so-called Maple 10 transactions. The plot involved the bank lending around €450m to a secret circle of clients in July 2008 in order for them to buy shares in the bank to stop its price tumbling. It was the outworking of a bid to save the bank from a doomed €2.4bn gamble on its shares — 28% of its total stock — by former billionaire industrialist Sean Quinn.

In relation to the events around the Maple 10, Mr Drumm, who has been living in the Boston suburb of Wellesley, is accused of disclosing false or misleading financial information; giving unlawful financial assistance related to the purchase of shares; forgery; and being privy to document falsification.

He faces two further counts — of false accounting and conspiracy to defraud — in relation to so-called back-to-back transactions. The charges relate to claims Mr Drumm was involved in giving billions to Irish Life and Permanent, only for it to return the money to Anglo through its corporate subsidiary Irish Life Assurance. Anglo presented this money as a corporate deposit in an effort to bolster its books.

More on this topic

Four prosecution barristers in David Drumm trial paid €1.12mFour prosecution barristers in David Drumm trial paid €1.12m

Central Bank granted access to transcripts and exhibits from Drumm trialCentral Bank granted access to transcripts and exhibits from Drumm trial

David Drumm gets suspended sentence of 15 months for role in illegal loan schemeDavid Drumm gets suspended sentence of 15 months for role in illegal loan scheme

Drumm to be sentenced tomorrow as lawyers argue he was trying to solve problem created by Sean QuinnDrumm to be sentenced tomorrow as lawyers argue he was trying to solve problem created by Sean Quinn


Lifestyle

Martin Hayes doesn’t like to stand still. The fiddle virtuoso from East Clare has made it a hallmark of his career to seek out creative ideas from beyond his musical tradition.Martin Hayes: Breaking new ground

Brian Hassett is from Blackrock in Cork, and has been involved in various aspects of music in multiple guises.A Question of Taste: Brian Hassett, Coughlan's Live

'Comics are not like regular books. They spark the intellect to expand the story and the message.'Drawn to reading: Using comics and illustrated stories to promote literacy in children

Halloumi might be said to be an entire cuisine in itself rather than just any old cheese.Currabinny Cooks: How you could use halloumi in a range of dishes

More From The Irish Examiner