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Time is up for former Anglo Irish Bank chief David Drumm as sentence ends after €7.2bn fraud
- 7:00, 13 Jun 2022
DISGRACED banker David Drumm’s sentence for his role in a €7.2billion fraud has expired.
The former Anglo Irish chief was freed from jail last year under an early release scheme after serving just two years and eight months of a six-year custodial term.
Drumm, 55, swapped prison time for doing unpaid community service work despite his role in Ireland’s most spectacular corporate collapse.
After he walked from the slammer, the scammer swerved doing slog after the unpaid work part of the Community Return Scheme was suspended under Covid-19 restrictions.
Drumm finally carried out some unpaid community service work after the scheme resumed full operations towards the end of last year.
But after just a few months of service, we can reveal the shamed banker no longer has to beat the Drumm and graft.
A source told us last night: “Drumm’s sentence has expired. It’s over for him.”
Furious politicians last night blasted Drumm’s early release from prison and insisted the justice system was “lenient” towards the financier.
TDs also asked why Drumm did not carry out all of the community work, which was the reason for his early release from prison.
They questioned why his community service work was not fully reinstated when Covid restrictions were relaxed and Community Sites reopened.
Aontu leader Peadar Toibin last night slammed how white collar criminals like Drumm are treated in Ireland.
The TD told The Irish Sun: “The leniency by which David Drumm has been treated by the State is a total disgrace. David Drumm is a convicted criminal.
“Firstly, the six-year sentence he received for his part in false accounting and the €7billion conspiracy to defraud shocked many people due to how short it was.
“His actions and the actions of Anglo Irish Bank played a significant part in the economic collapse that impoverished a generation of Irish people.
“His actions in part led to hundreds of thousands being forced to emigrate and pushed hundreds of thousands of others into negative equity.”
He added: “That the terms of his incarceration were so lenient is also incredible. He served just 34 months of actual jail time in total in Ireland.
“He walked into a community service gig that was then suspended due to Covid. White collar crime is a major threat to everyone. Yet it seldom receives any penalty in Ireland at all.
“In a given year hundreds of people can be sent to jail for not paying their TV licence. How is David Drumm’s jail time proportional to his crime and the economic shockwaves felt by so many people?”
Drumm, from Skerries, north Co Dublin, was sentenced in June 2018 for conspiracy to defraud and for false accounting.
The taxpayer had to pay more than €30billion to bail out Anglo.
At his sentencing hearing, Judge Karen O’Connor branded Drumm’s behaviour as “grossly reprehensible” and declared people were entitled to trust their banks.
The crook served two years and eight months in Irish prisons and six months in the US.
He spent only seven months in Dublin’s Mountjoy jail before being moved to Loughan House, an open prison in Blacklion, Co Cavan.
The most common types of work undertaken in the Community Return Scheme are landscaping/gardening, painting/decorating and renovation.
A source told us: “Drumm is no longer on the programme. His sentence has expired now.”
The Department of Justice said it “cannot comment on individual cases”.