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2 former Anglo Irish executives guilty of fraud; 1st convictions of Ireland's banking crisis

  • Sean FitzPatrick, the former chairman of the Anglo Irish Bank, arrives at the Circuit Criminal court, Dublin as the trial of former Anglo Irish Bank executives continues Wednesday April 16, 2014. A jury Wednesday cleared former Anglo Irish Bank chairman Sean FitzPatrick of all fraud charges related to a loans-for-shares scheme that preceded the bank’s 2009 collapse.  The 65-year-old FitzPatrick had denied providing illegal financial help to selected clients.  (AP Photo/Brian Lawless/PA)  UNITED KINGDOM OUT

    Sean FitzPatrick, the former chairman of the Anglo Irish Bank, arrives at the Circuit Criminal court, Dublin as the trial of former Anglo Irish Bank executives continues Wednesday April 16, 2014. A jury Wednesday cleared former Anglo Irish Bank chairman Sean FitzPatrick of all fraud charges related to a loans-for-shares scheme that preceded the bank’s 2009 collapse. The 65-year-old FitzPatrick had denied providing illegal financial help to selected clients. (AP Photo/Brian Lawless/PA) UNITED KINGDOM OUT  (The Associated Press)

  • Sean FitzPatrick, the former chairman of  the Anglo Irish Bank, speaks to the media as he  leaves the Circuit Criminal court, Dublin, Wednesday April 16, 2014. A jury Wednesday cleared former Anglo Irish Bank chairman Sean FitzPatrick of all fraud charges related to a loans-for-shares scheme that preceded the bank’s 2009 collapse.  The 65-year-old FitzPatrick had denied providing illegal financial help to selected clients.  (AP Photo/Brian Lawless/PA) UNITED KINGDOM OUT

    Sean FitzPatrick, the former chairman of the Anglo Irish Bank, speaks to the media as he leaves the Circuit Criminal court, Dublin, Wednesday April 16, 2014. A jury Wednesday cleared former Anglo Irish Bank chairman Sean FitzPatrick of all fraud charges related to a loans-for-shares scheme that preceded the bank’s 2009 collapse. The 65-year-old FitzPatrick had denied providing illegal financial help to selected clients. (AP Photo/Brian Lawless/PA) UNITED KINGDOM OUT  (The Associated Press)

Two former executives of Anglo Irish Bank, the reckless lender that brought Ireland to the brink of bankruptcy, have been convicted of committing fraud in a loans-for-shares scandal.

Thursday's guilty verdicts against Willie McAteer and Pat Whelan are the first criminal penalties imposed against bankers at the center of a 2008 financial crisis that resulted in an international bailout for Ireland two years later.

A Dublin jury found former Anglo finance director McAteer and lending chief Whelan guilty of providing 450 million euros ($625 million) in secret loans to 10 top customers. The 10 were then required to use the money to buy Anglo's shares in a doomed 2008 effort to bolster the bank's stock value.

The jury acquitted former chairman Sean FitzPatrick of the same charges Wednesday.