Whelan and McAteer guilty on ten counts in Anglo trial

Thursday 17 April 2014 23.23
Pat Whelan and William McAteer had pleaded not guilty to the charges against them
Pat Whelan and William McAteer had pleaded not guilty to the charges against them

Patrick Whelan and William McAteer have been found guilty of ten charges in the Anglo Irish Bank trial.

Mr Whelan, 52, of Malahide, Dublin and Mr McAteer, 63, of Rathgar, Dublin, were accused of 16 counts of providing unlawful financial assistance to 16 individuals in July 2008 to buy shares in the bank.

The 16 individuals were businessman Seán Quinn's wife and five of his children, and the so-called Maple Ten group of investors.

Whelan and McAteer have both been found guilty of giving illegal loans to the Maple Ten.

They have been found not guilty over loans to the Quinn family.

All guilty verdicts were unanimous.

Sentencing will take place on Monday 28 April at 2pm.

The jury returned the final verdicts after nearly 17 hours of deliberation over five days.

Their co-accused, former Anglo chairman Seán FitzPatrick, was acquitted on all ten charges against him yesterday.

Read more: Much of Anglo trial taken up with legal argument

The Maple Ten deal was designed to unwind the 29.4% control of the bank, which Mr Quinn had built up through investment tools known as Contracts for Difference (CFDs).

The ten investors were loaned a total of €450m by Anglo to buy around 10% of the shares that Mr Quinn controlled.

Mr Quinn's wife and five children were also loaned €169m to buy nearly 15% of the stock.

For the first time, an enlarged jury of 15 was selected to hear the case due to its length.

At the conclusion of the trial, 12 jurors were randomly selected to consider verdicts, while two were thanked and excused.

A 15th juror was excused several weeks ago for personal reasons.