Former bank chairman arrested over 70m fraud claims
THE former chairman of Anglo Irish Bank was arrested yesterday on suspicion of committing fraud, after he hid more than 70 million (£62.4m) in personal loans from shareholders.
Police arrested Sean FitzPatrick, 61, at his home in south Dublin and seized his financial records. The arrest had been expected ever since police raided the bank's headquarters in April 2009, shortly after it was nationalised to prevent its collapse.
The new leaders of Anglo Irish last week filed a lawsuit against FitzPatrick seeking immediate repayment of 70.4m in loans.
Most of those borrowings are secured only against the now-worthless stock of Anglo Irish.