September 28, 2020
Business News

BREAKING: Seán FitzPatrick fined €25,000 and expelled from accountants body

Former Anglo Irish Bank chief Seán FitzPatrick has been thrown out of the Chartered Accountants Ireland (C AI) and fined €25,000 following disciplinary proceedings by the organisation.

The tribunal found that the Greystones resident had brought discredit on himself and his profession.

Mr FitzPatrick admitted to the allegation put forward by the CAI’s conduct committee in relation to the temporary transfer of loans valued at up to €122m in 2007.

His solicitor Michael Staines told the disciplinary tribunal that his client “accepts what he did was inappropriate” and that he has given an undertaking not to re-apply for membership of the CAI.

However, he said there was no intention to gain any money or lose anything and he said that position was vindicated by the Circuit Court.

Mr Staines also said that while Mr FitzPatrick is now out of bankruptcy, he has no salary and just a pension.

He said the former Anglo Irish Bank chairman “has very little money” and “is at the pin of his collar”.

Mr FitzPatrick was not present at the disciplinary tribunal.

In May 2017, Mr FitzPatrick was acquitted on all charges against him at the Circuit Criminal Court.

He had faced 27 charges of misleading the bank’s auditors and furnishing false information about multi-million euro loans to him and to people connected to him between 2002 and 2007.

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