Former Anglo Irish chairman arrested

Sean FitzPatrick, former chairman of the Anglo Irish Bank, was arrested yesterday on charges of alleged financial fraud. FitzPatrick, one of Ireland’s most visible financial executives, has been accused of fiscal impropriety in the past. FitzPatrick left his post as Anglo Irish’s chairman in December 2008 amid allegations that he had concealed personal loans, valued at tens of millions of dollars, from shareholders. On this side of the Atlantic, Anglo Irish has made waves in the New York City real estate world. After buying big during the boom years, the bank saw its investments flounder in the financial downturn. In January 2009, the bank filed to foreclose on developer Yair Levy’s $165 million mortgage on Rector Square, a 304-unit residential development at 225 Rector Place in Battery Park City.

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