Former
Anglo directors get 240 hours community service
Two former directors of Anglo Irish Bank have been sentenced to
240 hours of community service for giving illegal loans to ten developers to
buy shares in the bank.
Anglo's former director of lending in Ireland Patrick
Whelan, 53, and 63-year-old William McAteer, the bank's former finance
director, were convicted in April of giving the loans to ten customers of the
bank six years ago.
Judge Martin Nolan was handed in reports from the probation
service showing both men had cooperated fully with the service and had been
assessed as being suitable for community service.
The judge sentenced them each to 240 hours of community service
to be completed within the next year.
He said if they had been assessed as being unsuitable for
community service, he would have imposed a jail sentence of two years.
As the brief hearing ended, Judge Nolan told both men to enjoy
their community service.
This was the first ever prosecution of offences under section 60
of the 1963 Companies Act.
The jury found the men were guilty of giving illegal loans to
the 'Maple Ten' developers as part of a scheme to deal with the huge stake Sean
Quinn had built-up in the bank through gambling on its share price.
Judge
Nolan had adjourned sentencing the two men after strongly criticising the role
of the Financial Regulator in the matter.
In his
earlier sentencing ruling, Judge Nolan strongly criticised the Financial
Regulator's attitude and behaviour.
He said
it would be most unjust to jail the two men when it seemed to him a State
agency had led them into error and illegality.
It is
now up to the probation services to decide on an appropriate way for the men to
carry out their community service.
3 comments:
At last, the Anglo guys get what they deserve, a sentence to serve the community.
that's some sentence!!!!
that's some sentence!!!!
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