The former chief executive of the Irish Anglo Bank has been extradited from the United States and brought in front of a Dublin District Court in Ireland to face charges for his part in the 2008 financial crisis.
David Drumm was found in Boston late in 2015 and arrested.
The former banker faces over 30 charges related to a circular lending scheme that involved authorizing billions in loans to be invested back into the bank, artificially propping up its share price.
Humans Are Free reports:
Held in Federal Custody, Drumm originally fought extradition to Ireland but recently withdrew his plea and returned to his home country on March 15, 2016.
Iceland’s move to hold the bankers criminally accountable has led the way for Ireland to do the same.
Drumm faces 33 criminal charges that include fraud, forgery, misleading management reporting, unlawful lending, falsifying documents, and false accounting.
As expected, Drumm is far from talking truth and is denying any wrongdoing regardless of the fact that his actions are linked to financial transactions prior to the collapse of Anglo, according to the Irish Times.
Prosecutors fear his “capacity to marshal significant sums” of money adds to the possibility Drumm could easily disappear into the hidden recesses of the global community.
Considered A High Flight Risk
Prosecutors consider Drumm a flight risk based on the fact that he sought to hide within the United States. Based on his behavior, the court only allowed him to post bail based on the stringent condition that he must forfeit his passport, which is currently being held by the Gardaí (Garda Síochána, or Irish Police).
The court further required Drumm to swear under oath that he would not apply for another passport and does not possess a U.S. passport.
Also under terms of the bail agreement, Drumm will be staying in the seaside town of Skerries, north of Dublin, and must sign in twice a day at a local Garda station.
Four relatives of Drumm’s put their houses up as “security” for his bail.
With the complexity of this case and the “more than 400 phone calls, millions of pages of evidence, and potentially well over 150 witnesses” … the judge acknowledge to the court that the trial may not begin until 2017.
After the catastrophic financial debachel rose to unavoidable global exposure in 2008, Drumm fled to the United States in early 2009 and reportedly remained hidden and refused to cooperate with any investigation into his part in the wrong doings.
Drumm brazenly attempted to file for bankruptcy in the U.S. in mid 2009 after Anglo filed civil action against him in Dublin. Both his original bankruptcy filing and a subsequent appeal were rejected.