Seán FitzPatrick acquitted on all charges in Anglo trial

Former Anglo Irish Bank chairman Seán Fitzpatrick

The former chairman of the defunct Anglo Irish Bank has been cleared of all fraud charges over a loans-for-shares scheme months before the bank collapsed in January 2009.

Sean FitzPatrick, 65, from Greystones, Co Wicklow denied providing unlawful financial assistance to a select group of clients to buy shares in the bank in July 2008 as the stock value tanked.

The jury will resume deliberations on two other directors Pat Whelan, 51, of Malahide, Co Dublin and William McAteer, 63, of Rathgar, Dublin over the provision of 619 million euro of loans for a group of investors dubbed the Maple 10 and the family of bankrupt former industrialist Sean Quinn.

The deal was allegedly concocted to unwind a secret stock market punt by Mr Quinn who borrowed hundreds of millions from Anglo to cover losses on the doomed investment.

Twelve jurors returned the majority verdict in the landmark trial at Dublin Circuit Criminal Court – the first prosecution connected to the collapse of Anglo, regarded as the bank that brought Ireland’s economy to its knees.

FitzPatrick shook hands with his legal team in the courtroom after his acquittal on 10 counts.

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