Disgraced Anglo Irish Bank Sean FitzPatrick has been arrested in Dublin and faces fraud charges and a possible jail sentence.
The banker accused of bringing down the Celtic Tiger economy has been arrested in connection with alleged financial irregularities at the bank.
FitzPatrick was arrested at dawn at Dublin Airport as he arrived back on a flight from the USA.
His detention follows the arrest of two senior former Anglo executives on Monday.
The Irish Times website reports that FitzPatrick was detained at Dublin Airport by officers attached to the Office of the Director Corporate Enforcement.
He will appear before Dublin District Court to answer 16 charges of providing unlawful financial assistance in July 2008.
The report states that the charges relate to loans provided by Anglo to a group of investors and the family of former billionaire Sean Quinn to buy shares in the bank.
The businessmen have become known as the Maple 10.
FitzPatrick’s Anglo made the loans available to prop up its share price and maintain public confidence in the bank.
The 16 charges relate to loans advanced to the 10 businessmen and five Quinn children – Seán jnr, Colette Marie, Aoife, Brenda and Ciara – between July 10th and 17th, 2008, and to Patricia Quinn between July 17th and 30th, 2008.
The 10 businessmen are Paddy McKillen, Séamus Ross, Brian O’Farrell, John McCabe, Gerard Maguire, Patrick Kearney, Gerard Conlon, Gerard Gannon, Seán Reilly and Joseph O’Reilly, according to filings to the court.
FitzPatrick could face up to five years in jail for each charge if convicted.
Fellow executives Willie McAteer and Pat Whelan were also charged with the same offences as FitzPatrick and have already appeared in court.
Moving to Ireland
After living in Ireland for almost one year, this is what I’ve learned