Business

Former solicitor Michael Lynn faces retrial over alleged €27m theft

New trial set for October 2023 after jury failed to reach verdict in four-month trial after 12 hours’ deliberation

Michael Lynn is accused of stealing €27 million from seven financial institutions between 2006 and 2007. Photograph: Collins

Isabel Hayes
Mon Jun 20 2022 - 11:54

The retrial of former solicitor Michael Lynn, who is accused of stealing millions of euro from a number of financial institutions, has been set for October 2023.

Mr Lynn stood trial in Dublin Circuit Criminal Court this year accused of stealing about €27 million from seven banks between 2006 and 2007. He denied all of the charges against him.

The jury in the four-month trial failed to reach a verdict after 12 hours of deliberating and was discharged earlier this month.

On Monday, John Berry, prosecuting, told the court the Director of Public Prosecutions (DPP) is seeking a retrial.

READ MORE

Mr Berry said the prosecution wished to “make certain enquiries” as a result of some assertions Mr Lynn made during the trial. He said it was anticipated the trial would take 10 weeks.

Mr Lynn (53), of Millbrook Court, Red Cross, Co Wicklow, pleaded not guilty to 21 counts of theft in Dublin between October 23rd, 2006 and April 20th, 2007, when he was working as a solicitor and property developer.

It was the prosecution case that Mr Lynn obtained multiple mortgages on the same properties in a situation where the banks were unaware that other institutions were also providing finance. These properties included Glenlion — Mr Lynn’s €5.5 million home in Howth — and multiple investment properties.

The financial institutions involved were Bank of Ireland, National Irish Bank (later known as Danske Bank), Irish Life & Permanent, Ulster Bank, ACCBank, Bank of Scotland Ireland Ltd and Irish Nationwide Building Society.

Mr Lynn took the stand for nine days 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.

He said he had “secret deals” with a number of bankers, who gave him permission to use the loan money for his property developments abroad.

Judge Martin Nolan set a retrial date of October 16th next year.

LATEST STORIES