News Column

BRIEF: Bankruptcy trustee doubts Drumm's assets omissions were errors

May 27, 2014

By Robert Gold, Cape Cod Times, Hyannis, Mass.

May 27--BOSTON -- The trustee handling the bankruptcy case of former Anglo Irish Bank CEO David Drumm expressed doubts today that Drumm's large-scale omission of assets in his initial paperwork was a simple mistake.

Kathleen Dwyer testified today that there was "next to nothing" listed as assets by Drumm, a former Chatham resident, in his filings of October 2010. Dwyer said that, in the months that followed, she requested more information, including cash transfers from Drumm's accounts and joint accounts to bank accounts held solely by his wife.

Dwyer said she got bank statements from Drumm over multiple months that included details of the cash transfers, but this wasn't done in the process of being "under oath."

Dwyer said people filing for bankruptcy get a chance to correct an honest mistake by making changes within a short time.

Drumm's attorney, John Mack, asked Dwyer what information she had that indicated Drumm hadn't made a mistake.

Dwyer said it would be "unusual" for someone like Drumm -- "who was an accountant, a businessman, a banker" -- to omit that information by mistake.


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Source: Cape Cod Times (Hyannis, MA)