David Drumm’s Appeal Rejected By Court in USA

by San Antonio Attorney

David Drumm, the former CEO of Anglo Irish Bank, failed in his appeal to have his case overturned in the court of United States.

A U.S. court has rejected his appeal and stated that the judge did not make any mistake of rejecting his claim for a financial fresh start through Chapter 7 bankruptcy. The court did not discharge Drumm from his debts that are worth around €10.5 million.

Remaining in custody, Drumm is now refusing efforts for extradition back to Ireland where a criminal trial awaits him for 33 separate charges.

Drumm loaned €250,000 from KBC Homeloans on a property last December 2008.

Drumm severed his ties from Anglo Irish Bank through resignation and transferred the money into a newly opened bank account titled through his wife’s name.

“Nowhere in Drumm’s Appeal do the words ‘Skerries Rock’ appear and he does not address specifically the reasons for his failure to disclose these two transfers,” said Judge Sorokin.

Judge Sorokin threw out Drumm’s appeal stating that he failed to divulge the transfer of a mortgage of €250,000 on the house in Skerries, Co Dublin.

Transferring the name to his wife amounted to further “misdirection and dishonesty.”  Sorokin also discussed that Drumm made an obvious attempt to deny the fact that Skerries Rock should have been disclosed in response to SOFA.

Drumm’s testimony draws more questions rather than answers and another issue stems from the fact that Drumm should make a full disclosure on his properties.

Drumm blamed the suggestions he received from his legal and financial advisers when appealing the rejection of his bankruptcy application, RTE reports.

U.S. Magistrate Judge Donald Cabell has not yet ruled on a plea by Drumm’s lawyers earlier this month that he would be released on bail prior to extradition.

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