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In re Extradition of Drumm

United States District Court, D. Massachusetts

December 10, 2015

IN THE MATTER OF THE EXTRADITION OF DAVID KENNETH DRUMM

Page 93

          For 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.

         For USA, Plaintiff: Amy H. Burkart, LEAD ATTORNEY, United States Attorney's Office MA, Boston, MA.

Page 94

          ORDER ON DEFENDANT'S MOTION FOR RELEASE ON BAIL PENDING EXTRADITION PROCEEDINGS (#21)

         DONALD L. CABELL, UNITED STATES MAGISTRATE JUDGE.

         The 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

Page 95

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.

         I. Relevant Facts

         A. Personal and Work History

         Anglo 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.

         Mr. 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.

         At the 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).[1]

         Mr. 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.

         B. Criminal Proceedings

         Ireland 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 ...


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