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Madoff linked to corrupt Irish bank

Funds were used to buy luxury yacht, vintage cars

By
KENNETH HAYNES,
IrishCentral.com Staff Writer

Published Sunday, November 15, 2009, 9:00 AM
Updated Sunday, November 15, 2009, 9:15 AM

 

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Fraudster Bernie Madoff
Fraudster Bernie Madoff

Jailed financier Bernie Madoff used disgraced Irish bank Anglo-Irish to funnel payments for his extravagant lifestyle, investigators say.
 
The funds were used to buy a luxury yacht, vintage cars and to fund private investments. Madoff has been sentenced to 150 years in prison for his $45 billion Ponzi scheme.
 
A case against Madoff in bankruptcy court in New York alleges that Anglo funds were used to pay for a 75-foot Leopold sports yacht, the "Bull," in 2007, and also to buy a vintage Aston-Martin sports car.
 
In all, $16 million of Madoff money was routed through Anglo-Irish Bank. In December 2006 Anglo-Irish Bank wired $1.6 million directly to Ruth Madoff's account in New York. No charges have been filed against Madoff's wife, but investigations are still continuing.  
 
The case in the U.S. is being taken up by one of Madoff's victims, Donna McBride. 
 
Anglo-Irish  is now essentially a failed bank owned by the state after revelations about financial misdeeds. Chief Executive Sean FitzPatrick was forced to resign and may face criminal charges over his alleged mishandling of bank accounts for personal use.
 
FitzPatrick, while Anglo-Irish chairman, had borrowed more than $150 million from the bank, and hid the loans from auditors for eight years.
 
The former multi-millionaire banker defaulted on the loans following a series of major business setbacks and the economic slump. Many leading Irish financial figures were caught up in the crash as well.

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3 Comments

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Posted by battlefront on Mar 31, 2010, 05:58 PM EDT
There is now some legal action been taken against Fitzpatrick and some other members of the board of Anglo Irish but I don't think they will ever recover the amount of money that was lent to these people David Drum the former CEO of Anglo Irish is now living in Nantucket in a 4.6 million luxury home. Who says crime does not pay?
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Posted by PaddyDeMucker on Nov 17, 2009, 05:48 PM EST
Very appropriate. Of course while Bernie is serving 150 years, no-one at Anglo has suffered any legal penalty.
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Posted by Portia777 on Nov 16, 2009, 10:29 AM EST
No surprise there.
 


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