David Drumm, the former CEO of Anglo Irish Bank Corp., is facing an extradition hearing in Boston, after he was captured in the U.S., according to a report from Bloomberg.
Drumm will be facing as many as 30 counts of criminal charges once he is extradited to Ireland.
Bloomberg adds that the Anglo Irish Bank was nationalized in 2009 due to soaring loan losses following the real-estate crash.
A month after the bank was nationalized, Irish police and corporate investigators have launched an investigation into the bank's activities.
Bloomberg adds that Drumm had moved to the U.S. in 2009 and had filed for bankruptcy in 2010.
The Irish Times adds that Drumm's arrest marks the first time in six years that he has directly been drawn into criminal actions coming from the Garda investigations.
Garda has been investigating the events that led to the collapse of Anglo Irish Bank.
Christina Dilorio-Sterling, a spokeswoman for the U.S. Attorney in Boston told the Irish Times that Drumm was indeed arrested in the U.S.
"I can confirm that Mr. Drumm was arrested today by US Marshals in Massachusetts on an extradition warrant," she said. "He will remain in custody until his hearing in federal court in Boston on Tuesday."
The Irish Times adds that Drumm will appear on Tuesday at the U.S. District Court in the John Joseph Moakley US Courthouse.
The Garda has been investigating Drumm as part of the wide-ranging criminal investigations into transactions that resulted in the collapse of Anglo Irish Bank.
The Irish Times adds that a number of Drumm's former colleagues at Anglo Irish Bank have already faced criminal charges.
A number of them have already been tried and more cases will go on trial next year and the following year.
Bloomberg adds that Drumm was the CEO of Anglo Irish Bank between 2005 and 2008.
The bank required a €29.3 billion, or about $33.3 billion bailout during the financial crisis and was renamed Irish Bank Resolution Corp.
