Three former bankers charged in €7.2bn fraud case

THE former chief executive of Irish Life & Permanent has been charged in relation to an alleged €7.2bn fraud.

Denis Casey is the second most senior bank executive after former Anglo CEO Sean FitzPatrick, to face criminal charges in the wake of the financial crisis.

These charges are not in any way related to the charges Mr FitzPatrick and two former Anglo executives face at a separate trial to be held next year.

Mr Casey, who has just qualified as a junior barrister, was charged yesterday (WED) along with two former bankers - IL&P’s former finance director Peter Fitzpatrick and the former head of treasury at Anglo Irish Bank John Bowe - with conspiracy to defraud investors and depositors under common law.

The men are to stand trial accused conspiring to mislead Anglo Irish Bank investors in relation to €7.2 billion transactions.

The case relates to financial transfers involving Irish Life Assurance, Irish Life and Permanent and Anglo Irish Bank, between March and September 2008.

It is alleged the three men conspired, contrary to common law, to falsely give investors the impression Anglo had deposits which were €7.2bn larger than they really were.

Mr Bowe, aged 50, from Glasnevin, in Dublin, faces an additional charge that on December 3, 2008 he made use of an account - which was to his knowledge misleading, false or deceptive - contrary to Section 10 of the Theft and Fraud Act.

John Bowe was head of capital markets at Anglo Irish Bank which has been nationalised costing taxpayers about €30 billion.

It was later re-branded the Irish Bank Resolution Corporation (IBRC) which is now in special liquidation.

He had stayed on working at the bank until last year.

Mr Casey, 54, from Raheny, Dublin was chief executive Irish Life and Permanent (IL&P) until 2009.

Prior to that had a senior role at Permanent TSB.

The third defendant is 61-year-old Peter Fitzpatrick, from Malahide, Dublin, who had been IL&P's former director of finance.

They trio were arrested in Dublin by appointment yesterday (WED) morning by detectives from the Garda Bureau of Fraud Investigation.

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