Community Service For Two Former Anglo Irish Bank Executives

COMMUNITY SERVICE FOR TWO FORMER ANGLO IRISH BANK EXECUTIVES

A Wexford judge has ordered two former Anglo Irish Bank executives to carry out 240 hours community service for engaging in an illegal share support scheme.

Former Finance Director Willie McAteer and the bank’s former head of Irish lending Pat Whelan were found guilty of unlawfully lending 450 million euro to the so -called Maple Ten investors in July 2008 to buy Anglo shares.

‘Enjoy your community service’ was Judge Martin Nolan’s parting shot to the two former Anglo Irish Bank executives.

Willie McAteer and Pat Whelan will have to carry out 240 hours of community work over the next year but the court wasn’t told what sort of tasks they may be asked to perform.

The community service order was made instead of a 2 year prison sentence. Pat Whelan thanked the judge but neither man would make a comment when leaving the courts.

In April a jury found the two former bankers guilty of partaking in an illegal scheme to prop up the bank’s share price which was in freefall partly because Cavan businessman Sean Quinn had taken an unwise gamble on Anglo’s stock.

Judge Martin Nolan felt a jail sentence would be inappropriate because the men had been led into illegality by the failure of the Financial Regulator to raise a red flag to the deal.

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