No additional jail time for Drumm over loan scheme
David Drumm CROOKED banker David Drumm yesterday got a 15-month suspended sentence for his role in an illegal loan scheme.
The former Anglo Irish chief admitted 10 counts of authorising or permitting the lender to give unlawful help to the so-called Maple Ten group of developers and businessmen to buy bank shares in July 2008.
The loans were part of a scheme to unwind a secret 28% stake Cavan businessman Sean Quinn had built up using financial instruments called contracts for difference.
Drumm was transferred to court from Mountjoy Prison where he is serving a six-year term for conspiring to carry out a €7.2billion fraudulent loan scheme in 2008.
The latest sentence imposed is to run concurrently and the court ordered Drumm be given credit of five months and five days for time already spent in custody.
Brendan Grehan defending, told the court Drumm was trying to resolve a problem “entirely created” by Mr Quinn, when he engaged in the illegal loans scheme.
The disgraced banker was jailed last month after a jury found him guilty on a charge of conspiracy to defraud and false accounting.