Former Anglo boss Willie McAteer from Rathmullan will not serve a day in jail despite being convicted of a massive illegal share deal.
Willie McAteer and fellow Anglo Irish Bank boss Pat Whelan have been given 240 hours of community service instead of a two year prison sentence.
Mr Whelan and Mr McAteer were convicted of providing illegal lending to the Maple Ten for a share support scheme.
In a brief hearing, Judge Nolan was told by the men’s defence counsel that they are eligible for community service and have been co-operating with the Probation Service since their conviction.
The judge ordered them to carry out 240 hours of community service in lieu of a two year sentence. If they do not complete the community service within one year they will have to serve the prison term.
“Gentlemen enjoy your community service,” Judge Nolan told the men who smiled briefly as they left the court.
Whelan and McAteer had faced up to five years in prison under the legislation.
The men were convicted of breaching the Companies Act by illegally lending money to the Maple Ten group of investors so they could buy shares in Anglo. This was for the purpose of stabilising the bank’s plummeting share price.