The business prospered and the economic boom in Ireland ensured strong profitability for Anglo Irish, and it was valued at EUR€13 billion.
In 1998 the then Minister for the Environment and Local Government Noel Dempsey appointed FitzPatrick to the Dublin Docklands Development Authority where he served until 2007.
[8] FitzPatrick was also appointed a non-executive director to the Irish airline Aer Lingus in March 2004[9] by the prominent Fianna Fáil politician and then Minister for Transport Séamus Brennan.
[11] While saying he was grateful for the state's help, he refused to offer taxpayers an apology, saying, "The cause of our problems are global, so I can't say sorry with any degree of sincerity and decency.
"[12] FitzPatrick addressed the government in another speech on the same day and recommended cutting spending on what he called the "sacred cows" of Irish society: children, the elderly and health care.
FitzPatrick, while Anglo Irish chairman, had borrowed more than €100 million from the bank and hid the loans from auditors for eight years.
The former multi-millionaire banker defaulted on the loans following a series of major business setbacks, valuable shareholding in Anglo Irish Bank once worth €80 million is now worthless followed by a failed oil venture in Africa and a stake in a casino in Asia stalled.
"[14][15] The new Bank Chairman Donal O’Connor told shareholders that FitzPatrick's loans were "wrong and unacceptable".
[22] FitzPatrick was arrested at around 06:30 on 18 March 2010 at his house in Greystones, County Wicklow, by the Garda Bureau of Fraud Investigation.
[22] The Gardaí confirmed in a statement that "There is an extensive Garda investigation under way, eager to see justice take its course" In most western countries it is illegal to run a business and seek investment while insolvent.
[30][31] He was charged with 16 offences by Gardaí attached to the Office of the Director of Corporate Enforcement relating to his role in advising on and lending millions to a golden circle of investors to inflate, falsely, Anglo's share price.
[32] After the ODCE's investigation methods were found to be flawed, on 23 May 2017 the judge in FitzPatrick's trial directed that he be acquitted of all charges.