They have also claimed the Irish media are fuelling a ‘lynch mob’ mentality against Fitzpatrick and other Anglo bosses.
The comments were made as Fitzpatrick’s lawyers sought the early appointment of a trial judge to deal with disclosure.
They claim the appointment is necessary to prevent ‘a media frenzy whipping up a lynch mob mentality’ in relation to the upcoming trial of former Anglo Irish Bank executives according to the Irish Times.
The report says the trial of the bank’s former chairman Seán Fitzpatrick and two former directors was before Judge Martin Nolan at Dublin Circuit Criminal Court in order to check on the progress of the case.
Fitzpatrick, William McAteer and Pat Whelan have been charged with 16 counts of allegedly providing unlawful financial assistance to individuals to buy shares in the bank.
Judge Nolan said the case would be dealt with in the usual manner.
The Irish Times says that lawyers for the men and for the State all stressed that that they felt it was necessary for the smooth running of the case to appoint a judge now to deal with the large volume of material and issues which may arise leading up to the trial on January 14th next.
Whelan’s lawyer Brendan Grehan said “I don’t think this case can be progressed to trial without a judge taking charge of it now.”
“Applications are going to arise, apart from issues of relevance and privilege in relation to disclosure in the case.
“It would also be appropriate to appoint someone to take charge of the trial now who can give directions not just to the parties but also to the media.
“In the six months leading up to the trial it is vital that an air of calm be restored to the public from which a jury will be drawn.
“We simply cannot have a fair trial take place where a media frenzy is whipping up a lynch mob mentality.”
State lawyer Uná Ní Raifeartaigh admitted: “The issue of publicity is of concern to the DPP. It is important that in the last six months the media would be mindful in matters that may ultimately lead to the postponement of the trial.”
The capital of Rotten Island was an ancient and revered city. However, in keeping with the wealth and affluence of the times the city councillors renamed the city “Wonderland.” Somewhere between Never Neverland (North side”) and the inner sanctum of Wonderland there is a sector called” Forever Wonderland’.” This neighbourhood is the financial heart of the nation. In this district, lived a wealthy young banker. His notable attributes were a craving for attention, a bad memory, and a chequered career. He treasured the radiance of other inducements and was a frequent visitor to Feckerland the area of dance, revelry, alcohol, and Chateaubriand. Parochially, friends and acquaintances, knew him as “Disney” Fitzfiddle.
Men did travel across the length and breadth of the land to win the friendship of “Disney.” He loved a good story from waiting recipients of fiscal credits, borrowers, whose habitual wrongdoing he totally ignored. In his own words, he stated, I was big. Some came and said “Disney” can you lend me 100 million quid, and I’d say. Sure, no problem at all, we can do it without recourse to Peter and Paul for you know I am a man who can lend without rancour. Let us go for a ride in the Bentley and lunch at the “Incidentally” and later tarry awhile in Dick Gently’s (a well-known brothel).
Alas, the good days, now I am but the evil pantomime villain, who only borrowed a handy hundred million. Look at who elevated me, aren’t we all cronies of the Dons of the Feeling Smallers. Why did you know? I even had the occasional game of golf, with the nation’s esteemed Boss, the great incompetent Mr. Buttocks, the pillar of lies and goodbyes.
Agreed, I may have moved a few loans around a bit, temporarily mislaid them, perhaps duped an auditor or two. Had an odd incriminating letter gone missing here and there? Aha, but my God, me self and “The Little Drummer Boy” good times we had. Now they say I am bankrupt with only three million quid to live on. Understand lads; for me, the attraction was the crack of the fiscal flimflam. Never mind we can bank on ‘Sinister House’ to direct the department of “Fiscal Make Believe” to clear up this Disney quicksand No, no regrets, sure was the problem not global, in all sincerity nothing to do with me.
Despite all the Irregularities listed below nobody has yet been sent to prison.
To put this in perspective almost 200 people were jailed in Ireland for not paying court fines relating to TV licences last year.
One rule for the rich and another for the poor
‘Bankers should be technicians and functionaries who serve the public and provide guaranteed stability. They should not be entrepreneurs, gamblers, who can count on public bailouts if their speculations turn to dust.’
The Guardian, Friday 1 March 2013
One of London’s most successful hedge fund managers, Patrick Degorce, has been forced to part with millions of pounds in tax after Revenue and Customs persuaded the courts to throw out a complex film
RTE – 1st March
Seán FitzPatrick facing 12 charges over financial irregularities. Former Anglo Irish Bank chairman and chief executive Seán FitzPatrick has been sent forward for trial on 12 charges in connection with alleged financial irregularities at the bank. He is accused of making false, misleading or deceptive statements in relation to millions of euro to the company’s auditors, Ernst and Young, over a six-year period. The amounts on the charges are €5.1m in 2002; €14m in 2003; €23m in 2004; €42.1m in 2005; €60.9m in 2006 and €139.8m in 2007.
Telegraph Saturday 02 March 2013
Ernst & Young to pay $123m to settle US tax shelter probe Ernst & Young has agreed to pay $123m to resolve a US federal investigation into its role developing and marketing tax shelters that helped its clients avoid more than $2bn in tax liabilities. As part of the settlement, announced by the Manhattan US Attorney’s Office, the accounting firm also entered into a non-prosecution agreement and admitted to the wrongful conduct of certain partners and employees. The settlement amount reflects the gross fees Ernst & Young earned developing and marketing four tax shelter products from 1999 to 2004, according to the nonprosecution agreement.
Telegraph Saturday 02 March 2013
Commodity giant Glencore under spotlight over Iran Glencore, the FTSE 100 commodity giant, supplied tonnes of raw material to an Iranian firm that supplied the country’s nuclear programme, it emerged. A Western intelligence report seen by Reuters described Glencore’s barter deal as a good way for Tehran to get around global financial restrictions imposed over its nuclear activities, although it did not say that Glencore violated sanctions.
March 2, 2013 Reuters –
Las Vegas Sands says “likely” violated U.S. corruption act March 2, 2013 4:39 PM ET Reuters) – Las Vegas Sands Corp said it “likely” violated the federal Foreign Corrupt Practices Act, which outlaws the bribery of foreign officials, according to a Securities and Exchange Commission filing on Friday. The filing marks the first disclosure by the casino operator, controlled by founder and billionaire Republican donor Sheldon Adelson, that is was under investigation.
Independant Thursday 5th March 2013
IBRC suing two Dubai firms in Quinn case TWO related companies based in Dubai are being sued by Irish Bank Resolution Corporation (IBRC) over their alleged involvement in an asset-stripping scheme by family members of bankrupt businessman Sean Quinn. In the commercial court yesterday Judge Peter Kelly granted an application by IBRC to join Senat Legal and Senat FZC, both of Gold and Diamond Park, Dubai, and Michael Waechter, principal of Senat FZC, as co-defendants to the bank’s action against various members of the Quinn family. The judge noted IBRC special liquidator Kieran Wallace claimed the Senat parties played “a pivotal role” in the scheme to strip assets worth up to $500m from the Quinn family’s International Property Group (IPG). It is alleged the scheme was “masterminded by one or all” of the three, the judge said.
Irish Times Thursday, March 7, 2013
Microsoft fined €561m for limiting browser choice Shares in Microsoft dropped yesterday after the European Commission imposed a €561 million fine on the company for failing to implement a previous ruling obliging it to offer users a choice of internet browsers. It is the first time the commission has been forced to fine a company for non-compliance with agreed commitments. In 2009 a European antitrust investigation found that Microsoft was unfairly tying its internet Explorer browser to its Windows operating system, and ruled that the company must give users a choice of which internet browsers to use.
The Telegraph 8th Mar 2013
Pensioners being ‘ripped off’ by profit margins on annuities Retiring workers are being “ripped off” by financial companies making huge profit margins on annuities, campaigners have warned. A Telegraph investigation has raised concerns about the profits that insurance companies and other firms are making on annuities. Only one annuities provider, Standard Life, has disclosed its margins on annuities, revealing that it pockets almost 20p of every pound a customer pays for an annuity. Other firms refuse to reveal their margins, and experts warn that the industry is concealing large profits. Ros Altmann, a pensions campaigner, said: “These huge margins are outrageous.”
The Guardian, Monday 11 March 2013
All bets are off as online gambling group Intrade launches investigation
Irish company announces it is looking into possible ‘financial irregularities’ and has ‘immediately ceased’ its trading activity Online gambling group Intrade has ceased taking bets after launching an investigation into potential “financial irregularities”.
Irish TIMES 14 MARCH 2013
THE son of bankrupt businessman Sean Quinn has provided statements of Russian bank accounts held by himself and other family members to Irish Bank Resolution Corporation (IBRC) and is anxious to finally purge his contempt of court orders, the High Court heard today.
The Guardian, Friday 15 March 2013
US hedge fund SAC pays record fine to settle insider trading allegations SAC Capital, a hedge fund run by billionaire Steve Cohen, is to pay $600m (£397m), the biggest insider dealing fine in history
The Guardian.co.uk, Friday 15 March 2013
JP Morgan faced a barrage of criticism on Friday for it disastrous “London whale” trading loss as senators and the bank’s regulator accused its executives of believing they were too big to fail, ignoring warnings about the escalating losses and deliberately withholding information. At a hearing a day after it published a damning 300-page report on JP Morgan’s $6.2bn debacle, the Senate subcommittee on investigations hammered bank executives over the affair, while regulators flatly denied JP Morgan’s claims that it had kept them informed about the mounting losses.
The TELEGRAPH 19 Mar 2013
French Budget Minister Jerome Cahuzac resigns after tax fraud probe
Cahuzac, a cabinet heavyweight, had been tasked with fighting tax evasion. He is now under investigation for holding a secret Swiss bank account. The resignation is an embarrassment and a blow to President François Hollande as his government seeks to redraft deficit reduction plans to maintain fiscal credibility with France’s euro zone partners. Mr Cahuzac was responsible for making drastic government spending cuts. He had repeatedly dismissed as “crazy” a report in December by French investigative news website Mediapart that he held an undisclosed account at the Swiss bank UBS until the start of 2010. “I have never had an account in Switzerland or any other place abroad,” he said at the time.
RTE Wednesday, 20 March 2013
Representatives of the special liquidator of IBRC served papers on three former directors of Irish Nationwide last night. It is understood the legal action relates to their stewardship of the building society. Papers were served on former directors Terence Cooney and Stan Purcell, and former chairman Michael Walsh. It is understood that it is intended that papers will be served on former managing director Michael Fingleton and another former director David Brophy.
RTE 27TH March
Britain’s financial services regulator has fined insurer Prudential £30m and censured its chief executive over its handling of a failed bid to acquire rival AIA in 2010. The UK’s Financial Services Authority fine concerned Prudential’s plans to acquire AIA, the Asian subsidiary of AIG. The bid eventually collapsed after both parties failed to agree on a price. The FSA said Prudential did not inform it of the deal – even though they held a detailed meeting only weeks before news of the deal emerged. The FSA also censured CEO Tidjane Thiam, for playing a significant part in the decision not to contact the regulator. The regulator said the deal’s size would have been the biggest in the UK and could have affected confidence in the country’s financial system.
The Guardian, Thursday 28 March
Royal Bank of Scotland is being sued for misleading investors during its £12bn emergency fundraising in 2008, in a landmark joint claim brought by Dutch bank ING and pension funds for British coal miners.
Ciara Quinn, a daughter of bankrupt businessman Seán Quinn, has said she withdrew almost €340,000 from her Russian bank account via cash withdrawals from ATMs here in the space of a year, with most of that going to pay legal fees. She has no documents concerning those withdrawals or payments made from July 2011, she said.
Ms Quinn was also asked about an “extraordinary” series of withdrawals totalling €5,000 from her Ocean Bank account in Moscow, made via ATMs in Blanchardstown, Dublin, in less than 20 minutes on May 25th, 2012.
Shane Murphy SC, for Irish Bank Resolution Corporation (IBRC), asked about the purpose of withdrawals of €500 each at 16.08pm, 16.10pm and 16.11pm; of €600 each at 16.18pm and 16.19pm; €1,500 at 16.24pm; and €800 at 16.27pm.
Hugh Hartnett SC, for the Quinns, objected such questions strayed into issues to be addressed in the full hearing of the legal action by IBRC, formerly Anglo Irish Bank, against various Quinn family members and others alleging stripping of assets from the Quinns’ International Property Group (IPG).
As a mother of three aware the bank had alleged contempt against her, and that contempt can lead to jail, Ms Quinn said she was concerned about answering some questions.
Mr Murphy yesterday cross-examined Ciara and Brenda Quinn about claims they and other Quinn family members have not fully disclosed all information relating to their assets, accounts and involvement with companies in IPG. Colette Quinn’s cross-examination began late yesterday and continues today.
The Quinns insist they have disclosed all relevant documents available. The bank sought cross-examination before the full hearing of its “conspiracy” action.
Mr Justice Peter Kelly yesterday granted an application by Paul Anthony McDermott, for the Director of Public Prosecutions, to stay the full hearing of that action insofar as it touches on issues to be addressed in forthcoming criminal proceedings against former Anglo chairman Seán FitzPatrick and two former senior executives of the bank. Those issues included alleges breaches of Section 60 of the Companies Act, which makes it unlawful for a financial institution to lend money to buy its shares.
Various preliminary matters in the conspiracy case, including cross-examination of the Quinns, may continue in the interim.
Ms Justice Elizabeth Dunne said she was concerned if Mr FitzPatrick was giving the same instructions to both sets of legal representatives.
She was assured by solicitor Michael Staines,�who is representing Mr FitzPatrick in criminal proceedings,�that he was.
Mr Staines told the bankruptcy court it should not proceed with questioning him on a particular issue until the outcome of the criminal case.
He said it was possible the�Director of Public Prosecutions�would also ask the court to adjourn the case.
The application by a court-appointed official to question Mr FitzPatrick in the High Court as part of bankruptcy proceedings had been adjourned to allow statements to be submitted to the court.
In July, the High Court was told the official assignee wanted to examine Mr FitzPatrick about the ownership of a large London office investment property.
Ms Justice Dunne adjourned the matter for two weeks and asked Mr FitzPatrick’s legal team to lodge sworn statements setting out their submissions on the issue of prejudice.
Today she noted that had still not been done.
The former Anglo Irish Bank chairman is estimated to have debts of €150m and assets of €47m.
He was declared bankrupt in July 2010.
EX-ANGLO and chief executive Sean FitzPatrick and two former colleagues have been returned for trial in connection with financial irregularities at the bank.
They are to go on trial accused of unlawfully helping to back a group of investors – including members of Sean Quinn‘s family – to buy shares in the financial institution in 2008.
The three men had been charged in July following a three-and-a-half year probe by detectives from the Garda Bureau of Fraud Investigation attached to the Office of the Director of Corporate Enforcement (ODCE) into alleged financial irregularities at the failed bank.
Mr FitzPatrick, a former multi-millionaire, with an address at Camaderry, Whitshed Road, Greystones, Co. Wicklow, stepped down in December 2008. Anglo was subsequently nationalised and re-branded the Irish Bank Resolution Corporation (IBRC) with its collapse costing Irish taxpayers about €30 billion.
The charges allege that before it was nationalised, the three men permitted the bank to “give unlawful financial assistance” to 16 named individuals for the purpose of or in connection with a purchase by the same people of shares in the then Anglo Irish Bank Corporation Plc.
It is claimed the alleged unlawful financial help to buy shares was given between July 10 and July 17, 2008 to 15 people – which include the so-called “Maple Ten” group of Irish Investors and several members of Sean Quinn’s family – and from July 17 until July 30, of the same year, to Patricia Quinn, the wife of now bankrupt quarry tycoon.
Among the names on the cha