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Three former bankers have been handed prison sentences for their roles in a €7 billion fraud.

Former Anglo Irish Bank executive Willie McAteer has been sentenced to three and a half years in jail while his Anglo colleague John Bowe was given a two year term.

The three men were involved in setting up a circular scheme of billion euro transactions where Anglo moved money to ILP and ILP sent the money back, via their assurance firm Irish Life Assurance, to Anglo.

The scheme was designed so that the deposits came from the assurance company and would be treated as customer deposits, which are considered a better measure of a bank’s strength than inter-bank loans.

Wow, what idiots. I wonder if the company had rewared them for the risk they took well enough for the sentence they received. Surely it would have been better for them to refuse to do such a task, and if the company tried to get rid of them for having ethics they could sue the company for constructive dismissal. Sounds like they deserve the sentance.

Edited by doahh

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