Former Anglo Irish Chief David Drumm traced to Massachusetts

The Mayo-born McGrail received more than $100 million in mortgages from Anglo Irish, but it is not known if Drumm had any involvement in granting them.

In December 2006 McGrail’s company, Mayo Three, was given a $94.4 million mortgage for a number of properties in the River Street area of Boston that according to deeds were worth just under $25 million.

In April 2007 a second mortgage was signed, bringing the total to $96.1 million.  There were two further amendments bring the loan to $110 million and then $159 million in November 2007. Last year the loan amount was cut to $120 million where it currently stands.

McGrail appeared in court last week on eights counts in connection with the illegal removing and dumping of asbestos, four counts of evading unemployment insurance and four of failing to provide pay records. He pleaded not guilt to the charges. He faces a potential jail sentence of up to seven years and fines of up to $175,000.

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Nster.com