Europe: Ex-Anglo Irish boss Sean Fitzpatrick arrested
Sean Fitzpatrick, the former head of Anglo Irish Bank was arrested last month and has been charged with 16 offences as part of an ongoing investigation into alleged fraud at the bank. Fitzpatrick is the third former senior executive from the bank to appear in court.
On 24 July 2012, Irish police arrested Mr Fitzpatrick, who served as chief executive of Anglo Irish for almost 20 years, and as chairman since 2005. Mr Fitzpatrick resigned from the bank in 2008 having failed to disclose personal loans from the bank, an action which he conceded at the time was "inappropriate".
The charges against Mr Fitzpatrick reportedly relate to secret loans made by the bank in 2008 designed to lift its falling share price. The loans were made to investor "insiders" on the proviso that they would invest the money in the bank's own stock. The conspiracy failed and the bank's share price dropped.