The transactions might be familiar but the detailed description of the allegedly criminal role played by former Anglo Irish Bank chief executive David Drumm as their orchestrator is new. He faces 33 criminal charges including counts of false reporting, giving unlawful financial assistance, forgery, being privy to the falsification of documents, conspiracy to defraud and false accounting.
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An attorney for Drumm declined to comment ahead of the hearing.
The former banker became a symbol of the excesses that hurt the banking system and dragged Ireland into a painful period of austerity.
He added “We’re being asked to honor a request of the Irish Government”.
David Drumm, who was arrested Saturday by the US Marshals Service on an Irish extradition warrant, was ordered held in custody by US Magistrate Judge Donald Cabell in Boston until a bail hearing on October 16. Boston court said that he could be liable for debts of £8.34 million ($12.9 million).
Outside the courthouse Miner told the press “We’re going to see if we can get him released”. He is understood to be facing 30 charges relating to the collapse of what was Anglo Irish Bank. Burkart also pointed out that Drumm is a flight risk and they would challenge his application for bail.
As Anglo’s share price fell in 2007, Drumm instructed an employee to lend Quinn €140 million to cover losses on his CFD position, followed by hundreds of millions of euro more up to June 2008. “It was outrageous that he was picked up on the Saturday of a three-day weekend”, she said.
Anglo presented the €7.2bn as a corporate deposit on its balance sheet as if the transaction had come from a non-bank entity.
There a lawyer representing the US Government will put forward the case for Mr Drumm’s return to Ireland to answer charges there in line with the criminal file sent to them by the Irish authorities.
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Extradition from the United States to Ireland follows processes similar to the procedure for bringing defendants arrested overseas to face charges in the U.S., said Lawrence Schoenbach, a lawyer not affiliated with the case who frequently handles extradition proceedings.
