The stockbroker has been at the centre of a controversy since the Central Bank imposed the fine on March 2nd over a 2014 deal in which a group of 16 Davy executives bought Anglo Irish bonds being sold by a client, Northern property developer Patrick Kearney. The group of 16 – the O’Connell Partnership – bought the bonds without notifying the compliance function within Davy.
“In late 2019, John indicated that he wished to step down from the board in Q1 of 2020 but due to the impact of Covid he agreed to remain involved. In December 2020 John informed the board he would be stepping down in March 2021 and a process to appoint a new chair commenced,” said the IAIM.
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