GUILTY VERDICT

Ex-solicitor Michael Lynn makes no reaction as he’s found guilty of stealing €17.9m from six financial institutions

It was the second trial in the case

• Published: 17:55, 20 Dec 2023
• Updated: 17:56, 20 Dec 2023

THE jury in the multi-million euro trial of former solicitor Michael Lynn has returned guilty verdicts on 10 of the 21 charges against him.

The jury convicted Mr Lynn of 10 counts of stealing around €17.9million from six financial institutions 16 years ago.

They were unable to agree on the remaining 11 counts on the indictment.

Lynn, 55, leaned forward when the jury returned the verdicts in Dublin Circuit Criminal Court today but made no visible reaction.

The jury had been deliberating for six and half hours across two days following an eight-week trial.

Judge Martin Nolan remanded him in custody after the verdicts were handed down.

The judge set a sentence date of January 15.

Lynn, of Millbrook Court, Redcross, Co Wicklow had pleaded not guilty to 21 counts of theft in Dublin between October 23, 2006 and April 20, 2007, when he was working as a solicitor and property developer.

It was the second trial in the case, after the jury in the first trial last year was unable to agree on the verdicts.

It was the prosecution case that Lynn obtained multiple mortgages on the same properties in a situation where banks were unaware that other institutions were also providing finance.

These properties included ‘Glenlion’, Lynn’s €5.5million home in Howth, and multiple investment properties.

The financial institutions involved were Bank of Ireland, National Irish Bank, Irish Life and Permanent, Ulster Bank, ACC Bank, Bank of Scotland Ireland Ltd and Irish Nationwide Building Society.

Lynn took the stand and told his trial that the banks were aware he had multiple loans on the same properties and that this was custom and practice among bankers in Celtic Tiger Ireland.

The guilty verdicts returned by the jury related to Irish Nationwide, National Irish Bank, Irish life and Permanent, Ulster Bank, ACC Bank and Bank of Scotland.

It was unable to reach a verdict on the single count relating to Bank of Ireland alleging Lynn stole €2.7million from that bank.

It was also unable to reach verdicts on 10 counts relation to Irish Nationwide, including the allegation that Lynn stole €4.1million from this financial institution in April 2007.

The charge the jury convicted Lynn on in relation to Irish Nationwide related to a single count of stealing €508,000 in January 2007.

Lynn told the court he had “off the books” agreements with the banks to use the loan money for his property developments abroad.

He said that in relation to Irish Nationwide, he signed a “memo of understanding” with bank chief Michael Fingleton in a Dublin hotel in 2006.