Judge denies bail to fraud suspects
Tuesday, 3 November 2009 18:39Two Co Armagh men charged in connection with an alleged fraud and money-laundering operation, running into millions of pounds, have been refused bail by a district judge in Armagh.
One of the accused, Peter Cregan, is a former manager of a bank in the AIB group.
The 43-year-old from Tullydonnell Road in Silverbridge, who used to manage the First Trust bank in Newry, Co Down, faces 26 charges.
A co-accused, Damien Mallon, a financial advisor from Drumconwell Road in Armagh City, faces 12 charges. Both had appeared in court yesterday.
This morning the district judge said he was refusing them bail. He remanded the accused into custody to appear again by videolink at Newry Magistrates' Court on 25 November.
He said the charges were of enormous gravity, including vast sums of money and fraud allegedly for personal gain.
The district judge said he took into account the personal circumstances of the accused. He said the case for bail had been strong and well argued.
However, he noted that the police and prosecution both feared the accused could abscond to escape the prospect of prison and he added that was a real concern.
