Two former directors of the collapsed Anglo Irish Bank were found guilty Thursday of providing illegal loans to support the bank's share price, after an 11-week trial. Patrick Whelan, 52, and William McAteer, 63, were found guilty on 10 counts of providing unlawful financial assistance to customers of the bank to buy shares in the lender in July 2008.
The bank went bust shortly afterwards, leaving the Irish economy close to collapse. Whelan and McAteer were both found not guilty on six other similar charges. On Wednesday, the bank's former chairman Sean Fitzpatrick was found not guilty on 10 charges. The loans-for-shares deal was part of a plan concocted in 2008 to unwind former billionaire Sean Quinn's stake after it emerged he had built up a secret 28-percent holding in the bank.
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