A former Irish banker who moved with his family to Wellesley to avoid facing criminal charges in his home country was convicted of fraud in Dublin Wednesday for his role in the collapse of the former Anglo Irish Bank during the 2008 global financial crisis.
David K. Drumm, 51, the bank’s former chief executive, was found guilty by a jury in Dublin Circuit Criminal Court of conspiracy to defraud and false accounting for his role in a scheme that artificially inflated the bank’s deposits by $8.5 billion in its 2008 earnings report.
He had denied the charges of conspiracy to defraud and false accounting.
The five-month trial was the culmination of a yearslong saga that saw one of Ireland’s most powerful and wealthy bankers become a fugitive in 2009. At the time he arrived in Massachusetts, Drumm was facing inquiries from Irish authorities and intense public scrutiny back home.
The conviction marks a rare instance in which a high-ranking banking executive has been personally held accountable following the actions by financial institutions that fueled the economic collapse of 2008.
Drumm lived on a $5 million Cape Cod estate and later moved into a $2 million house in Wellesley with his family. The bank, which was bailed out by the Irish government at a cost of about $35 billion, accused Drumm of hiding millions of dollars in assets so he could live a lavish lifestyle in Massachusetts. The now defunct bank alleged those assets included his homes in the state, profits from sales of property in Ireland, and luxury vehicles.
Drumm filed for bankruptcy protection in Massachusetts in 2010. He was arrested in October 2015 by federal agents to face extradition. After spending several months in jail, he gave up his fight against extradition and was sent back to Ireland in March 2016.
After his conviction Wednesday, Drumm was granted bail until his sentencing scheduled for June 20. Irish media reported that Drumm’s wife and children had returned to the United States for the graduation of one of his children.
Material from the Associated Press was used in this report. Katheleen Conti can be reached at kconti@globe.com. Follow her on Twitter @GlobeKConti.
