Former Anglo Executives May Get Community Service For Issuing Illegal Loans


Two former directors of Anglo Irish Bank will not be jailed following their conviction for engaging in an illegal share support.

County Wexford Judge Martin Nolan adjourned the sentencing of former director of finance William McAteer and former head of Irish lending Pat Whelan until July 21 to assess their suitability for community service.

Referring to the role of the Financial Regulator’s office in the Maple scheme the judge said: It would be most unjust to jail these two men when I feel that a State agency had led the two men into error and illegality.

Former director of finance William McAteer (63) and former head of Irish lending, Pat Whelan (52), were convicted by a jury on April 17 last, following a 48-day trial, of providing the loans to the group known as the Maple Ten.

Judge Martin Nolan made his ruling this afternoon following a sentencing hearing this morning.

Earlier today counsel for the men made their pleas in mitigation. they said their clients acted in the best interests of the bank and with the approval of the Financial Regulator. Counsel also said the men acted in the belief that the bank’s board and compliance department had approved the deal and that legal advice had been taken stating that it was above board.

Brendan Grehan SC, for Mr Whelan said his client didn’t for one moment think he was involving himself in something that was unlawful, something that would find himself before a court on indictment.

Patrick Gageby SC, for Mr McAteer, said that this was a case in which there were no malign intention on the part of his client, unlike many other white collar crimes which are committed from a base motive.

The jury found the two men guilty on ten charges each of breaching Section 60 of the Companies Act 1963 by lending money to investors to buy shares in Anglo for a share support scheme.

The jury acquitted them on six further charges each of lending money for the same purpose to members of former billionaire businessman Sean Quinn’s family.

Their co-accused, former Anglo Chairman Sean FitzPatrick, was found not (NOT) guilty on all 16 counts. The three men had denied all charges.

Mr Whelan of Malahide, Dublin, Mr McAteer of Rathgar, Dublin and Mr FitzPatrick for Greystones, Co Wicklow denied all charges against them.

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