Former IL&P boss guilty of €7bn fraud conspiracy

The former group chief executive of Irish Life and Permanent Group has been convicted of a €7.2bn conspiracy to defraud.

Denis Casey, 56, and three other former banking executives had pleaded not guilty to conspiring to mislead investors, depositors and lenders about the true health of Anglo Irish Bank in 2008.

On the afternoon of day 89 of the trial, the jury at Dublin Circuit Criminal Court returned a verdict of guilty for Casey. It came following over 61 hours deliberating over 14 days and brings to an end the longest running criminal trial in the State’s history.

Last week, the jury convicted Anglo’s former head of capital markets, John Bowe, 52, and the bank’s then finance director, Willie McAteer, 65, of conspiring to mislead the public about the true state of Anglo’s balance sheet. They have been remanded on bail pending sentence until July 25. Last week, the jury returned a not guilty verdict for Peter Fitzpatrick, 63.

Lawyers defending Casey and his then finance director said their clients had no control over how Anglo would account for the deposits and had no intention of misleading the public.