Brendan Mullin, the former rugby international and ex-CEO of Bank of Ireland’s private bank, has been sentenced to three years in prison for stealing over €500,000 from the financial institution a decade ago. The 61-year-old, from Donnybrook, Dublin, was convicted earlier this month on charges of false accounting and theft, following a jury trial.
Mullin had denied the charges, which involved stealing more than €570,000 from the bank between 2011 and 2013. However, he now accepts the jury’s verdict, and Judge Martin Nolan emphasized the severity of the offenses, stating that while Mullin was unlikely to offend again or secure similar employment in the future, a custodial sentence was necessary.
The court heard that Mullin orchestrated a complex scheme to siphon funds from Bank of Ireland by breaking down invoices into smaller sums, which were then submitted for payment to different departments within the bank. He also arranged for payments to various companies he had links to, including McCann Fitzgerald solicitors, Beechwood accountants, and Grant Thornton, for work allegedly done either for him personally or for his firm, Quantum Investment Strategies.
The stolen funds were ultimately transferred to a company called Spice Holdings, registered in the British Virgin Islands. Spice Holdings was a client that Mullin had brought into the bank, and the money was moved through a series of intricate transactions. The total sum stolen was over €500,000, a breakdown in communication within different arms of the bank allowing the illicit payments to go unnoticed for a period of time.
Mullin’s defense counsel, Brendan Grehan, said his client now accepts the jury’s verdict and acknowledged the significant personal and professional consequences he has faced since the incident. Grehan described Mullin as having suffered a “huge fall from grace,” but emphasized that the full amount was paid back before any formal investigation or court proceedings began.
In sentencing, Judge Nolan noted that the reasons behind Mullin’s actions remained unclear, although he acknowledged the possibility of serious personal pressures at the time. Despite this, the judge stated that stealing from an institution where Mullin held a position of authority was a very serious offense, warranting a prison sentence.
Mullin, who had once been a well-regarded figure in both the business and rugby communities, will now face the consequences of his actions after a decade of legal battles.
