News Summary: Ex-Anglo Irish Bank exec charged

Associated Press
This photo of Dec. 10, 2011 shows former chairman of Anglo-Irish Bank Sean FitzPatrick in Dublin Ireland who has been arrested by fraud squad officers investigating financial irregularities. Irish police say fraud detectives have arrested the former chief executive of Anglo Irish Bank and charged him over a conspiracy to hide losses at the bank before its 2009 nationalization. Sean FitzPatrick was arrested Tuesday July 24, 2012 at Dublin Airport as he returned from a family holiday.  (AP Photo/Niall Carson/PA Wire)  UNITED KINGDOM OUT
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FORMER BANKER ARRESTED: Detectives arrested the former chief executive of Anglo Irish Bank, Sean FitzPatrick, on charges that he helped hide colossal losses at the bank at a cost that brought the nation to the brink of bankruptcy.

THE RAP: FitzPatrick was arraigned on 16 counts related to Anglo's doomed 2008 effort to prop up its collapsing share price. Forensic accountants found that Anglo provided secret loans to 16 insiders on condition they used the €1.1 billion ($1.35 billion) to buy Anglo stock. Those shares rapidly turned worthless.

WHAT'S NEXT: FitzPatrick was released on bail of €1,000 ($1,200) and an additional surety of €10,000. His next court appearance was set for Oct. 8.

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