Three former Anglo Irish Bank executives charged with “giving unlawful financial assistance to buy shares” – Updated

With Gardai still seeking Peter Darragh Quinn following the jailing of Sean Quinn jnr after the recent contempt of court ruling, two former Anglo Irish Bank senior executives have appeared in Dublin Criminal Court.  From the Irish Times report

The bank’s former finance director Willie McAteer and executive Pat Whelan are the first people to be charged in the three-and-a-half-year-old Anglo Irish Bank investigation.

Mr McAteer (61), with an address at Auburn Villas, Rathgar, Dublin was charged with 16 counts of giving unlawful financial assistance  to buy shares in Anglo Irish Bank in 2008.

It is claimed the alleged unlawful financial help to buy shares was given between July 10th and July 17th, 2008 to 15 people – which include the so-called “Maple Ten” group of Irish Investors and several members of Sean Quinn’s family – and from July 17th until July 30th, of the same year, to Patricia Quinn, the wife of now bankrupt businessman.

The court granted Mr McAteer bail on his own bond of €1,000 and an independent surety of €10,000 in cash or equivalent. The surety was put up by his wife. Mr McAteer also surrendered his passport for the duration of the court proceedings.

Mr Whelan was charged separately with the same 16 offences.

The loans resulted in the Quinn family owing almost €3billion to Anglo Irish Bank, now the state-owned Irish Bank Resolution Corporation (IBRC), when the share price collapsed.

And with one ‘cunning’ plan rejected, Sean Quinn snr, et al, embarked on another…

The Irish Times report also notes

The Quinn family members who allegedly received unlawful financial assistance were named as Seán Quinn jnr; Collette Marie Quinn; Aoife Quinn; Breda Quinn; Ciara Quinn and Patricia Quinn.

The other Anglo Irish Bank customers are Patrick McKillen; Seamus Ross; Brian O’Farrell; John McCabe; Gerard Maguire; Patrick Kearney; Gerard Gannon; Gerard Conlon; Joseph O’Reilly and Sean Reilly.

The charges were made under section 60 (15) of the Companies Act 1963. Penalties under the Act can include up to five years imprisonment or a fine of €3174.25 per offence.

Update  Former chairman and chief executive of Anglo Irish Bank Seán FitzPatrick has also been charged with the same 16 offences of providing unlawful financial assistance.