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DAVID DRUMM HAS failed in his bid for bankruptcy in the US.
In a judgement handed down today, the Massachusetts court said it found the former Anglo CEO to be “not remotely credible”.
It also described his conduct as both knowing and fraudulent.
“Drumm’s statements to this Court were replete with knowingly false statements, failures to disclose, efforts to misdirect, and outright lies,” the decision continued.
Judge Frank Bailey said such conduct “disqualifies a debtor from the privilege” of a US bankruptcy.
He added that the plaintiffs – in this case the Irish Bank Resolution Corporation and the court-appointed trustee Kathleen Dwyer – had “established cause to deny him a discharge many times over”.
Both IBRC and Dwyer had alleged that Drumm committed a number of allegedly fraudulent activities. A trial to allow Bailey to determine if he agreed with them was held over six days last May. During those hearings, Drumm claimed the errors in his filings were unintentional, honest mistakes.
The plaintiffs said that a number of ‘secret’ transfers to his wife Lorraine between 2008 and 2010 amounted to him trying to conceal assets, and thus defrauding his creditors.
Out of the 52 objections filed by the bank and the trustee, 30 were taken as reason to deny the bankruptcy discharge. The plaintiffs only had to prove one count to ensure the result.
Drumm, now aged 48, had filed for voluntary bankruptcy in order to walk away from €10.5 million debt. This ruling means he can now be pursued for the entire sum.
Drumm left Ireland after stepping down as chief executive of Anglo Irish Bank in December 2008. He headed for Boston in the US, where he has been since. He filed for bankruptcy in 2010 in Massachusetts which boasts a much friendlier bankruptcy regime than either Ireland or the UK.
Out of that €10.5 million, about €8.5 million is owed to the Irish Bank Resolution Company (formerly Anglo Irish Bank and Irish Nationwide Building Society).
Read the judge’s 122-page document, in full, on TheStory.ie>
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They got that part right not remotely credible
David Drumm represents everything that is bad and greedy about this country. For his sins he should be stripped of every shred of wealth he has and left with nothing only the shirt on his back. I wouldn’t normally say it but I hope he goes through as much pain as possible in the process.
Now….haul the maggot back home and get him into court here.
Well somebody get me a box of tissues.
If he had stayed here he’d have got away with it! (Probably get on board of directors with irish water as well) What a fool !
Agree, he would have won all his legal costs too, they would all have fallen to the taxpayer.
Sometimes the taxpayers and the common folk are just as much to blame for this cronyism.
Half of Cavan still rallies behind ‘bankrupt’ Quinn who claims to have lost control of 100s of millions in Russian assets and half of Wexford behind Wallace, still a TD and trying to start a scandal over opposition TDs being let off a speeding ticket after being caught red handed as a tax cheat having fixed the books to under declare 1.5mil in VAT owed.
haha thats the thing. keep him there and lock him up forever. if they get him here, all the old pals will get into gear for a 2-3 years milk out in the courts at our expense, thats how they will get their debts paid back and pay their friends huge sums, then he’ll get off free for giving them 3 years of court. again we will lose more money. theres more corruption here than anywhere else on the planet.
i would rather he stay there and do long time, you’ll have more chance of seeing them get their money back and won’t cost us anymore money. just like the provision centres here at the moment, its all a milking machine, any opportunity to make money.
The rest of them got away here transferring assets and monies to their wives , wonder where the millions are hidden , very clever , renting in the US
Yes, Drew – that fact that they’re from some little local tribal enclave is more important than their morality.
Deport him.
Can he be prosecuted for perjury in the US on the basis of this ruling?
If he’d gone to the UK or even stayed he would have got off much lighter than the more robust legal system that’s in the US.
Yes he lied all over his statements of financial affairs under penalty of perjury that everything contained within them was correct and true. Let the FBI take care of him now. The fraud who earned over 15 million euro in 4 years for running a bank into the ground, at a cost of 30 billion to the taxpayer.
Sure everyone here accused in court lies.
Yes he should have faced the easy music, at home..
It will go to an Irish court and be thrown out because of a ‘wrong’ date stamp or some such nonsense. We will then spend €10million on a tribunal and that will be that.
spot on. we have been there too many times before, very simple irish politics, its a comedy act and they keep on trying it and getting away with it!
God Bless the United States of America
What a weasel
The worst kind of parasite
Avina, I was going to say “where’s frank”? But I scrolled down and there he is!
1 down, and hopefully to prision, unfortunatly the others will be protected by FF, FG, Layabouts and all their cronies. So where is the money?
On foot of this ruling in the USA, it is very unlikely he will get it anywhere…..He has plenty of money, so the fraudster won’t be in any hurry back here……Pity..
Terrible indictment of our legal system that we rely on another jurisdiction to find in favour of what we know and always have known and we also know that his defence of “stupid” is in fact correct, he was stupid to go to the US, he would probably have got away with it under our system. Let’s hope now with such a damning judgement, the fraud squad extradite him sharpish, our legal system cannot ignore the US judges findings. Or maybe the US will wish to jail him there on charges of conspiracy to defraud which they don’t look kindly on, unlike us who would probable give him the equivalent of a pat on the back.
A us court case can be ignored by Irish courts but I agree that the authorities here should examine it carefully.
Seeming it’s within his nature to be a worm he might now sing like a canary and grass out the rest of the cock roaches involved in defrauding the banks and us tax payers.
In USA we trust for white collar crime busting! !
Maggots!
A bit of good news to start off the New Year – just a pity it didn’t manage to ruin his Christmas.
US has tough law and the cosy cartel of Dublin accountants and lawyers does not apply – and an insolvent doctor wont get soft treatment from an insolvency practicioner who left school at 17 and did an apprenticeship in advanced bookkeeping and get to keep a house he cant pay for.
That’s the Euro for you Thomas – great for the lads on the inside !
His office in the US is given to him by a big SF benefactor, is it not? Could SF not influence his return to discuss the bank guarantee which he hoodwinked FF into? SF do think a bondholder burning will cure all our ills, so it would seem logical to bring the cause home to investigate properly
A big sinn fein benefactor? They attended a friends of sinn fein dinner costing $500 and made a donation of $5000 to same. For a multi million dollar company it hardly represents a major contribution.
You are repeating a non story aired by iphone Joan, a lady who has done zero in having the likes of ECB answer any questions asked to date about their input to this fiasco..
Where’s he gonna get the ‘moola’ from?
He’ll probably look for Legal Aid.
Dirty B@#tard ! What goes Around comes around. Karma is one bitch.
Now that this guy has been shown up for what he is a liar a cheat the question is what did he get away with while he had the money and will his high society friends stick by him now?
we should see some of this price for not being credible in this country .
So can he be extradited now ? I hope so . Send that c”*t home . Hope they didn’t give him z green card yet either
This drum guy is more creative than Spielberg. Cooking the books he didn’t leave them in the oven long enough.
Only criminals think they will actually get away with wrong doings.
Welcome Home welcome home I think there will be a few people at the airport to welcome you back with a bit of luck they will have some nice bracelet’s for you to wear & can escort you to your new home with these lovely shiny bars. You can even have access to a gym, clothes, food, not to sure on the mobile policy but at least you will have a new room with some fab room mates. If the gov here have any balls.
The united States itself is no longer “remotely credible”.
At least the tackle white collar crime in a meaningful way
But they fail to tackle their own war crimes.
What’s that got to do with the Anglo case?
I’m not defending them or saying that they haven’t questions to answer, but show me any person, entity, company, country that is perfect. There’s none, at least they are some what open to being challenged from within, unlike many other countries. They do strive for accountability
Frank is not remotely credible!
Name one credible and provable war crime that the US has carried out Frank?
This is another issue Frank we are not discussing war here .
@middle class cork. Whilst I am in no way anti American, there is numerable war crimes that America have committed in all conflicts that they were involved with.
The take no prisoner orders during the Normandy landings and the My Lai massacre comes to mind.
They have the death penalty in massachuettes right
So can we hang him now?
He can come back to Ireland now, and get a wee rap on the knuckles (if even that.!) and get on with his life.
You cannot hide the dirt on the yanks-I dont know why he thought he could in the first place.?
If he did in America-what he did in Ireland , he would be looking out from a barred window for the next 10 years or more.
Come back home David, we will have a tribunal of investigation into your activities; and by the time it’s findings are revealed, you will be dead and buried-and you will not have to pay any of the legal expenses whatsoever.!
Airline Pilot: [over PA] Folks, this is your captain speaking. Our nonstop flight to Tahiti will be making a brief layover in Ireland
David Drumm: [sitting in first class, sipping a martini] Ireland… where have I heard that name before?
[realizes]
Drumm: Oh, no… OH, NO!
Readers of the Journal: [as the plane lands] There he is! Seat 3-F!
[as soon as the plane touches down, a lynch mob rushes on board]
Lyle Langdon – Simpsons Monorail episode.
“North Haverbrook, where have i heard that name before”
We have plenty of his kind,here in Ireland,at the top of the gravy train..we don’t know to find corruption in orther countries!..
Shane are you from ballsbridge and work in the movies for a while
Thought id never say this but GOD BLESS AMERICA!!!!!
Halfway through reading the article a certain movie theme song started playing in my head:
America, f**k yeah!
Ha ha!
You beat a Drumm but you can’t beat a bust bank!
Shows the neck on him, lying in court, sadly it will take years to get him back to Ireland. But justice shall be done.
As for his wife she is every inch as bad and as evil as he is.
have your say