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Ex-Anglo Irish Bank boss David Drumm granted bail on fraud charges

David Drumm, former chief executive officer of Anglo Irish Bank Corp., speaks to members of the media as he leaves the Dublin District Court in Dublin, Ireland, on Tuesday, March 15, 2016. Irish authorities in February 2009 began a criminal investigation into activities at Anglo Irish after it came close to collapse. David Kenneth Drumm (born November 1966) is an Irish chartered accountant and former banker, best known for his tenure as chief executive of Anglo Irish Bank from 2005 to December 2008, when he resigned, amid mounting revelations over hidden loans. The scandal precipitated a collapse of the bank's share price, which in turn led to its nationalisation on 21 January 2009.Drumm subsequently moved with his family to Massachusetts, US, where in 2010 he filed for bankruptcy under US law. The hearing at the Boston-based court heard from the Irish Bank Resolution Corporation, which fought Drumm's claims for bankruptcy, as he owed it €9 million. It was alleged during the case that Drumm had transferred money and assets to his wife, so they could not be seized during the bankruptcy proceedings. In early 2015, the court ruled the application inadmissible, ruling that he could be held liable for debts of €10.5m in Ireland.[3] In a 122 page ruling, the judge found Drumm was "not remotely credible", his conduct "both knowing and fraudulent", and accused Drumm of telling "outright lies".Subsequently, the Irish Office of the Director of Public Prosecutions (DPP) recommended a number of charges be brought against Drumm, following investigation into Anglo Irish Bank by the Garda Bureau of Fraud Investigation and the Director of Corporate Enforcement. In January 2015, it was reported that the DPP was seeking the extradition of Drumm, and had filed papers with the US authorities. Drumm was arrested by US Marshals based in Boston on Sunday 11 October 2015, and is expected to face extradition proceedings.It was announced on 13 March 2016 that Drumm would be extradited back

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