Former Anglo execs face sentencing




A sentencing hearing is to get underway this afternoon for former Anglo Irish Bank directors Pat Whelan and Willie McAteer.

The two executives are facing up to five years in prison for issuing illegal loans to the so-called Maple Ten investors to buy Anglo shares in July 2008.

Former Finance Director of Anglo Irish Bank Willie McAteer and the bank's former head of lending in Ireland Pat Whelan were convicted by a jury 11 days ago.

They were found to have breached Section 60 of the Companies Act by taking part in what the prosecution described as a share support scheme.

Up to €450m was loaned to ten Anglo customers to buy shares in the bank in July 2008.

Today, lawyers for Willie McAteer and Pat Whelan are likely to argue that Anglo received legal advice and sought approval from the Financial Regulator before embarking on this deal.

Judge Martin Nolan has indicated that he will not finalise sentencing today.

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