Former banker Denis Casey has lost a Supreme Court appeal against his conviction for taking part in a €7bn conspiracy to defraud.
Following a lengthy trial in 2016, the former head of Irish Life & Permanent was jailed for two years and nine months for his role in the financial crime.
Irish Life & Permanent’s former CEO was found to have conspired with former Anglo Irish Bank executives Willie McAteer and John Bowe to defraud the public about the state of Anglo’s finances in 2008.
Through what became known as circular transactions, they were found to have led people to believe the bank was €7.2bn stronger than it actually was
Anglo’s former CEO David Drumm was convicted of the same offence last year after being extradited back to Ireland from the US to stand trial.
Casey claimed the Financial Regulator was fully aware of what they were doing, but the prosecution said there was no evidence to support that claim.
This appeal was specifically about whether Casey could have relied on that defence.
However, in a unanimous judgement delivered this morning, the judges ruled he couldn't - which means his conviction stands.
