Publications
Partners
London - Former Anglo Irish Bank Chief Executive Officer David Drumm, who was seen as a culprit in Ireland's banking crisis, was arrested on Saturday in Massachusetts by US marshals on an extradition warrant, according to the US Attorney's office in the state.
Drumm will remain in custody until his hearing in federal court in Boston on Tuesday, said US Attorney's office spokesperson Christina Sterling.
Irish national broadcaster RTE reported in January that Ireland had sent an extradition file to the US government, outlining charges to be prepared against Drumm by the Director of Public Prosecution on up to 30 different offenses.
The DPP, which has brought other Anglo Irish executives to trial, requested in July that a parliamentary inquiry into Ireland's banking crisis not publish a statement Drumm had issued to it.
Drumm stepped down from the one-time stock market titan in December 2008, a month before it was nationalized. He filed for bankruptcy in his new home of Boston two years later, owing his former employer more than $11m from loans he had been given.
A Boston court dismissed his application as not remotely credible earlier this year, saying he had lied and acted in a fraudulent manner in his bid to be declared bankrupt in the United States.
Bailing out the failed bank Drumm ran from 2005 to 2008 cost taxpayers around €30bn ($34bn), close to one-fifth of annual output. It was seen as the heart of a banking crisis that forced Ireland itself into a 2010 international bailout.
In July, an Irish court sentenced three former employees of Anglo Irish Bank to between 18 and 36 months in prison, the first bankers to be jailed since the country's financial crash.
