Former Anglo boss FitzPatrick found not guilty on six charges

Sean FitzPatrick

Former Anglo Irish Bank Chairman Sean FitzPatrick no longer faces charges that he illegally lent money to Sean Quinn’s family to buy shares in the bank.

This morning the jury in the trial was directed to find Mr FitzPatrick not guilty on six counts relating to the Quinn family.

The jury were also directed to find former Anglo Head of Lending in Ireland Pat Whelan not guilty on another seven charges. These counts alleged that he was privy to the alteration of loan facility letters to seven individuals in October 2008.

"For good reason I have directed not guilty verdicts,” Judge Martin Nolan told jurors. “It will all be made apparent to you in due course.”

The jury is to return at after lunch today when it will hear whether the defence intends to call evidence.

Mr FitzPatrick still faces 10 charges of illegally loaning money to the 'Maple Ten' Group of investors to buy shares in the bank. This was part of a plan to unwind Sean Quinn’s 29.4% control of Anglo which officials believed was driving down the share price.

Mr Whelan and former Anglo director of finance William McAteer also still face these charges as well as six charges relating to the loaning of money to the Quinn family.

The three accused are charged at Dublin Circuit Criminal Court with breaching Section 60 of the Companies Act 1963 by lending money to investors to buy shares in Anglo.

Mr Whelan (aged 51) of Malahide, Dublin and Mr McAteer (aged 63) of Rathgar, Dublin are accused of 16 counts of providing unlawful financial assistance to 16 individuals in July 2008 to buy shares in the bank. The 16 individuals are six members of the Quinn family and the Maple Ten group of investors.

Mr FitzPatrick (aged 65) of Greystones, Co Wicklow, is now charged with loaning money to Maple Ten only.

All three have denied the charges.

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