Courts / Wicklow / Report
NIB made total loss on €1.3m loan advanced to Michael Lynn, trial hears
Summary
The trial heard that National Irish Bank lost the full €1.3 million loan it advanced to former solicitor Michael Lynn, who is 53 and faces 21 theft charges for alleged €27 million theft from seven banks. Lynn denies all charges. The prosecution alleges Lynn obtained multiple mortgages on the same properties while banks were unaware of other lenders. Noel McCole, a former business banking manager, testified that in December 2006 Lynn's assistant emailed the bank for information, and in February 2007 the bank offered to fund 80 % of four Dublin apartments. Lynn signed and returned the offer. A solicitor named Fiona McAleenan sent documents claiming irrevocable authority, but the prosecution says the undertakings were forged by an employee of Lynn. The €1,338,160 loan was drawn in March 2007, repaid monthly until October 2007, after which repayments stopped. The bank could not secure the properties and suffered a total loss.
Who, what, where, when and why
What: Report matter: NIB made total loss on €1.3m loan advanced to Michael Lynn, trial hears. Charges or matters: 21 counts of theft in Dublin between October 23, 2006 and April 20, 2007. Procedural stage: trial
When:
- December 2006 Hearing Or Sentence
- February 2007 Other
- March 2007 Other
- October 2007 Other
- October 23, 2006 Hearing Or Sentence
- April 20, 2007 Hearing Or Sentence
- 2000 to 2010 Other
- 2022-02-24 Publication
Case subjects
Defendant
Charges: 21 counts of theft in Dublin between October 23, 2006 and April 20, 2007 (Alleged Or Contested)
Plea: Not guilty
Places mentioned
Topics
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