TD blasts David Drumms early release from prison saying Ireland is soft touch for white collar crime – The Irish Sun

A TD has blasted freed banker fraudster David Drumms early release from prison and declared: Ireland is a soft touch for white collar crime.

The disgraced former Anglo Irish Bank chief walked out of jail this week after serving just two years and eight months of his six-year sentence for a conspiracy to commit a 7.2billion banking fraud.

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The 54-year-old only spent seven months in Dublins Mountjoy before being moved to Loughan House, an open prison in Blacklion, Co Cavan.

Shamed scammer Drumm got close to the maximum time possible slashed off his stint in jail after availing of an early release scheme.

The sentence worked out at less than four-and-a-half months behind bars here for every 1billion that Drumm conspired to defraud from Anglo under his watch.

Despite his role in Irelands most spectacular corporate collapse, Drumm who was granted free legal aid for his fraud trial retains the financial firepower to start afresh.

He will be able to keep his 4.4million pension he still has from Anglo as it is protected under Irish law even though he owes at least 13million to creditors.

And as Irish taxpayers are saddled with the 30billion-plus bill to bail out toxic Anglo, the former lag will be able to enjoy life at his familys swish home worth over 400,000 in Skerries, north Co Dublin.

Deputy Peadar Toibin last night took a swipe at how white-collar criminals like Drumm are treated in Ireland.

And the Aontu leader highlighted how hundreds of thousands of people have suffered over the ex-chief execs disastrous tenure at the helm of Anglo.

Toibin told us: People will be stunned around the country at the leniency afforded to David Drumm.

The 7billion-plus conspiracy to defraud and false account are not victimless crimes. There is an enormous cost to the actions and decisions taken and made by David Drumm.

It is no exaggeration to say that hundreds of thousands of people have suffered significantly from the economic devastation that was caused by David Drumms decisions.

"We cannot be soft on white collar crime as a nation if we are to have any chance of rooting it out.

Two years and eight months in prison in Ireland, most of which was spent in a low security open prison will be seen, as not much to pay for the enormity of this crime. Drumm walked from Loughan House on Monday morning getting a whopping 50 per cent off his sentence.

He was granted early temporary release in return for doing unpaid community service work.

But the Irish Sun revealed how Drumm has avoided doing the graft as the unpaid work part of the Community Return Scheme is suspended under Level 5 Covid restrictions.

Reacting to our revelations, Toibin said: It is unbelievable.

Now we hear that the unpaid work each week on a community service site, the reason in part for the short sentence, does not have to be done due to Covid. This is outrageous.

Why not postpone it until it becomes doable? This will confirm the suspicions of many that Ireland is a soft touch for white collar crime.Under the Community Return Scheme, prisoners who meet certain criteria are given early temporary release in return for doing unpaid community service work.

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But Drumm has swerved that obligation due to the pandemic. Instead he only has to answer the phone on his designated work days, confirming his availability and ongoing commitment to participate in the scheme.

Drumm was sentenced to six years in prison in June 2018 for conspiracy to defraud and for false accounting.

He was also handed a suspended term of 15 months for his role in an illegal 2008 loans-for-shares plan.

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TD blasts David Drumms early release from prison saying Ireland is soft touch for white collar crime - The Irish Sun