United States District Court, D. Massachusetts
IN THE MATTER OF THE EXTRADITION OF DAVID KENNETH DRUMM
David Kenneth Drumm, Defendant: Edward E McNally, LEAD
ATTORNEY, PRO HAC VICE, Kasowitz, Benson, Torres & Friedman
LLP, New York, NY; Daniel J. Fetterman, PRO HAC VICE,
Kasowitz, Benson, Torres & Friedman LLP, New York, NY; Tracy
A. Miner, Demeo LLP, Boston, MA.
USA, Plaintiff: Amy H. Burkart, LEAD ATTORNEY, United States
Attorney's Office MA, Boston, MA.
ORDER ON DEFENDANT'S MOTION FOR RELEASE ON BAIL
PENDING EXTRADITION PROCEEDINGS (#21)
L. CABELL, UNITED STATES MAGISTRATE JUDGE.
defendant, David Kenneth Drumm (Mr. Drumm or " the
defendant" ), was the Chief Executive Officer of Anglo
Irish Bank (" Anglo" ) from January 2005 until his
resignation in December 2008, after which he relocated to the
United States. Irish prosecutors allege that he (and others)
fraudulently concealed the bank's true financial
condition in the time leading up to the 2008 financial
crisis, and in 2014 charged him with 33 criminal offenses.
The government of Ireland subsequently requested the
defendant's extradition and American law enforcement
officials in due course arrested the defendant on October
10, 2015. The defendant seeks to be released on bail pending
an extradition hearing presently scheduled for March, 2016.
After careful consideration of all the evidence, including
submissions by the parties and evidence adduced from a
hearing held on November 13, 2015, the Court finds that the
defendant has not established the presence of special
circumstances sufficient to overcome the presumption in favor
of detention in extradition cases. Accordingly, the motion
for release on bail will be denied.
Personal and Work History
was one of the largest banks in Ireland before it was
nationalized in 2009 and eventually merged into Irish Bank
Resolution Corporation. Mr. Drumm served as CEO of Anglo from
January 2005 until his resignation in December 2008.
Drumm moved to the Boston area in 2009, following Anglo's
collapse. Mr. Drumm and his wife reside in an affluent Boston
suburb with their children, an adult daughter, who is a
college student, and a minor daughter, who is a high school
student. The Drumms have a large extended family, all of whom
live in Ireland. Despite these family ties, Mr. Drumm has not
returned to Ireland in more than six years and has
specifically declined requests to be interviewed by Irish
authorities regarding the criminal investigation that led to
this extradition matter.
time of his resignation from Anglo, Mr. Drumm owed the bank
approximately 11 million dollars. On October 14, 2010, Mr.
Drumm attempted to discharge this and other debts by filing
for bankruptcy in the United States. The Bankruptcy Court
denied his petition for discharge, finding, among other
things, that Mr. Drumm had intentionally failed to disclose
assets. On November 20, 2015, the decision was affirmed on
appeal. See In re David K. Drumm, No.
15-CV-10184-LTS (D. Mass. Nov. 20, 2015) (Memorandum and
Order on Bankruptcy Appeal).
Drumm is currently employed as the chief investment officer
of an asset management company. His employer has agreed to
keep his job open pending resolution of these proceedings.
Neither Mrs. Drumm nor the Drumm daughters are currently
employed. The Drumms have a network of friends and colleagues
in Massachusetts, several of whom have offered their homes as
security should Mr. Drumm be released on bail.
seeks to extradite the defendant based on conduct that
allegedly occurred between late 2007 and mid-2008, and in
response to the financial crisis developing at that time. Mr.
Drumm is charged with fraudulently concealing Anglo's
financial position through various acts, including failing to
disclose certain transactions, providing financial assistance