Former bank manager jailed for stealing €2.7m from employer

Accused created fictitious undocumented loan accounts for customers when their own legitimate applications were delayed or refused, court heard

Former bank manager Patrick Challoner pleaded guilty to five sample charges of theft from Allied Irish Bank, Artane branch, on dates between August 2002 and February 2011 and one charge of deception. Picture: IrishPhotoDesk.ie

A former bank manager has been jailed for two years for stealing €2.7m from his employer after he created fictitious undocumented loan accounts for customers when their own legitimate applications were delayed or refused.

Patrick Challoner, 54, funded these bogus loans by taking money from other customers who believed they were authorising Challoner to set up an investment fund for them. These customers gave Challoner authorisation to take money from their accounts for the purpose of investment but the cash was never invested.