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Ex-bank manager jailed for two years over bogus loans

A former bank manager who stole €2.7 million from Allied Irish Bank after he created fictitious undocumented loan accounts for customers when their own legitimate applications were delayed or refused, has been jailed for two years.

Patrick Challoner, 54, from Chanel Road, Artane, Dublin 5 funded these bogus loans by taking money from other customers who believed they were authorising Challoner to set up an investment fund for them.

These customers gave Challoner authorisation to take money from their accounts for the purpose of investment but the cash was never invested.

More to follow.

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