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

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.