David Drumm’s credit card blowout before declaring bankruptcy
David Drumm, the former Anglo Irish bank CEO, reportedly maxed out his $14, 000 limit credit card by spending on furniture, entertainment, fine wines and dining out at restaurants in the weeks before he filed for bankruptcy.
Drumm's last minute spending spree included items he purchased on Amazon.com, iTunes, Dunkin Donuts, several restaurants and liquor stores, as well as at as rug and pottery stores.
The purchases from many well known stores all feature on Drumm's final credit card statement from Chase Bank, which is now accusing him of fraud.
The details of Drumm's extensive spending emerged after the bank statement was included in documents filed with a court in Boston (Drumm now lives in the US).
Among the larger purchases detailed in Drumm's credit card statement were the $557 he spent in a visit to an upscale wine store; $1,120 spent in a home furnishings store, and $1,299 in a mattress retailers.
Chase is now suing Drumm, 44, claiming he committed fraud after making representations to have his credit limit extended. The former Irish banker filed for bankruptcy October with debts of $13,50 million.
A Chase spokesperson said Drumm spent $14,293 between July 31 and October 14 last year, the day he filed for bankruptcy.
The bank said the money was spent during what they called "the presumption period," which means Drumm used the card at a time he knew there was a strong possibility that he would soon be filing for bankruptcy.
Figures charged to the card include the following:
$1,149 withdrawn from ATMs.
$551 spent on purchases through the Amazon website.
$417 spent in a Bloomingdales department store.
$1,120 spent at an Innuwindow home furnishing store.
$1,000 paid to a Mercedes dealership.
$557 spent at Marty's, a fine wine retailer in Newton, Massachusetts.
$1,299 spent at Sleepy's, a mattress store.
$389 paid to Stonegate Gardens, a landscaping company.
Drumm also used the Chase card in restaurants in Boston and Cape Cod, in clothing and pottery stores, in health spas and hair salons. The former Irish banker now lives in a $2 million home in Wellesley, Massachusetts, a well to do town on the outskirts of Boston.
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