Ex-Anglo Irish CEO David Drumm Arrested In Boston

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The former CEO of Anglo Irish Bank, David Drumm, was arrested in Boston on Saturday night, and will stay in custody until an extradition hearing scheduled for Tuesday.

Christina DiIorio-Sterling, the spokesperson for the the U.S. Attorney for the District of Massachusetts, told the media: “I can confirm that Mr Drumm was arrested today by US Marshals in Massachusetts on an extradition warrant. He will remain in custody until his hearing in federal court in Boston on Tuesday. I cannot provide any further information at this time.”

Drumm, who fled Ireland to the United States during the financial crisis back in 2009,  will have his day in court on Tuesday as Monday is a holiday in the U.S.

More on David Drumm arrest

In what to all appearances looked like a thief leaving the scene of a crime, Drumm left Ireland in 2009 shortly after Anglo Irish Bank collapsed and had to be bailed out by the Irish government.

David Drumm, who was the CEO of Anglo Irish Bank from 2005 to 2008, eventually filed for bankruptcy after he moved to Boston.

In a contentious case, Drumm’s bid for bid for bankruptcy was denied, and a court ruled that he was held liable for debts of around $12 million.

During the bankruptcy case, evidence surfaced that the 48-year-old ex-CEO had transferred money and assets to his wife apparently to hide them from the bankruptcy proceedings.

Of note, bailing out Anglo Irish Bank cost the taxpayers of Ireland almost 30 billion euros ($34 billion), approximately one-fifth of the annual output of the country.

Multiple media sources reported earlier this year that the Republic of Ireland was seeking Drumm’s extradition.

According to knowledgeable sources, Drumm is also being investigated by the Irish authorities related to a broader criminal probe into the collapse of Anglo Irish, and various law enforcement agencies are all working together in the probe.

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