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on the streets €7.2bn fraudster David Drumm released early from open prison

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David Drumm

David Drumm

David Drumm

Convicted fraudster and former Anglo Irish Bank chief David Drum was released this morning from Loughan House Open Prison under a “community return scheme” after serving a six year sentence.

The former senior banker was convicted of conspiracy to defraud in 2018 and had been serving his time in the Co Cavan open prison since January, 2019, after originally being sent to the tougher regime of Mountjoy Prison in June, 2018.

When contacted a spokesman for the Irish Prison Service said the service do not comment on individual prisoners.

Drumm (54), from Skerries in north Co Dublin, became the fourth person to be found guilty of an offence related to the conspiracy to make it appear Anglo Irish Bank's deposits were €7.2bn larger than they were in 2008.

Three others were convicted and jailed in 2016, following what at the time was the longest criminal trial in Irish legal history. They have all since been released from jail.

At his sentencing hearing, Judge Karen O’ Connor said Drumm was in a position of trust in the bank and that people were entitled to trust their banks and this was grossly reprehensible behaviour.

He was convicted of dishonestly authorising a €7.2bn conspiracy to defraud and of false accounting.

Judge O’Connor sentenced him to six years and ordered that he would get credit for the five months he had spent in a prison in the US before being extradited to Ireland in March 2016.

The same year he was given a suspended sentence of 15 months for giving illegal loans to 10 developers to prop up Anglo's share price in 2008.

Standard remission in the Irish prison system means that Drumm was entitled to get a quarter of his six year sentence reduced which amounts to 18 months but he was freed earlier than that under the community return scheme.

This is an early release scheme where prisoners who meet certain criteria are assessed by the Irish Prison Service and offered early temporary release in return for doing unpaid community service work.

It is understood Drumm will now be supervised by the Probation Service for the next 14 months as part of his release arrangement.

“It is available for those who have been assessed as posing no threat to the community; are serving more than one year and fewer than eight years, and who have served at least 50pc of their sentence,” according to the Probation Service’s website.

Drumm is one of the most notorious ‘white collar’ criminals in the history of the Irish State.

At his sentencing hearing, Judge Karen O’Connor said his offending “was premeditated and planned, and in fact the evidence was that significant planning went into this fraud”.

Drumm led Anglo Irish Bank between 2005 and December, 2008 and he resigned a month before the bank was nationalised. He earned €12.15m during that time, making him Ireland's best-paid banker.

Last July, he consented to a judgment against him for €7.5m in favour of his former employers.

The debt relates to loans Drumm received from Anglo to buy shares in the bank prior to its collapse in 2009.

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