Courts / Wicklow / Report

Michael Lynn's suggestion he had permission to use loan money elsewhere 'ludicrous', banker tells trial

Date
2022-05-23

Stage
Trial

Primary locality
Wicklow

County
Wicklow

Summary

In the Dublin Circuit Criminal Court, former solicitor Michael Lynn faces 21 counts of theft, accused of stealing about €27 million from seven banks between October 2006 and April 2007. Lynn maintains he had "custom and practice" among bankers to obtain multiple mortgages on the same properties and claims he had secret deals allowing loan money to be used for overseas property developments. Bankers, including Stephen McCarthy of Ulster Bank and Ciaran Farrell of Irish Life and Permanent, testified that the loans were strictly for the 11 residential investment properties and that no alternative use was permitted. Both McCarthy and Farrell denied any special arrangements or receipt of money from Lynn. The trial continues with Judge Martin Nolan and a jury hearing the prosecution's case and rebuttal evidence. Michael Lynn pleaded not guilty.

Who, what, where, when and why

What: Report matter: Michael Lynn's suggestion he had permission to use loan money elsewhere 'ludicrous', banker tells trial. Charges or matters: 21 counts of theft in Dublin between October 23, 2006 and April 20, 2007. Procedural stage: trial

When:

October 23, 2006 Hearing Or Sentence
April 20, 2007 Hearing Or Sentence
October 2005 Hearing Or Sentence
2022-05-23 Publication

Why: Mr McCarthy said he remembered the meeting, which took place in Mr Lynn's office, because at the end of the meeting, Mr Lynn asked if his solicitor firm could provide the undertaking for the properties in question as part of the security. CNI source report