Former international rugby star Brendan Mullin has been sentenced to three years in prison for embezzling over €570,000 (£475,602) from Bank of Ireland Private Bank during his tenure as CEO.
Mullin, 61, of Stillorgan Road, Donnybrook, Dublin, denied the charges of theft and false accounting related to incidents between 2011 and 2013.
However, a jury found him guilty on 12 out of 14 counts earlier in November. The court was informed that Mullin now accepts the jury’s decision.
During the trial, it was revealed that Mullin stole €500,000 (£417,193) from the bank, exploiting a breakdown in communication within its divisions.
The stolen funds were transferred to Spice Holdings, a client Mullin had introduced to the bank and which is registered in the British Virgin Islands.
Further allegations showed Mullin arranged payments from the bank to several firms, including McCann Fitzgerald solicitors, Beechwood accountants, and Grant Thornton.
These payments were for services performed either for Mullin personally or his firm, Quantum Investment Strategies.
The presiding judge highlighted that Mullin had been in a “position of trust and a position of power” when he committed the theft.
Although no motive was explicitly stated, the judge inferred that Mullin was likely “somewhat desperate for funds” and undertook the scheme to access money.
Mitigating factors considered during sentencing included the repayment of all stolen funds to Bank of Ireland Private Bank, ensuring it incurred no financial loss, as well as significant delays in bringing the case to court.
The judge acknowledged Mullin’s remorse, noting he was “sorry for his actions.”
Despite these considerations, the judge emphasized that a custodial sentence was unavoidable given the seriousness of the offense.
Mullin was sentenced to three years in prison.
Source-BBC
