Anglo Market Abuse Case in the Pipeline; Criminal Conviction Could Cost FitzPatrick 10 Years Plus E10m Fine

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Byline: John Lee POLITICAL EDITOR

INVESTIGATORS are confident they can press criminal charges for 'market abuse' against rogue banker Sean FitzPatrick over his secret transfer of loans from Anglo Irish Bank to Irish Life and Permanent.

If convicted, Mr FitzPatrick could face a decade in prison and a fine of up to e10m.

The Irish Mail on Sunday understands that investigators believe Mr FitzPatrick's ploy of hiding e122m of directors' loans from shareholders by temporarily transferring the debts to Irish Life and Permanent (ILP) constituted an 'attempt to deceive shareholders at Anglo Irish, surreptitiously distort share values and manipulate markets'.