Michael Lynn
This afternoon.
Criminal Courts of Justice, Dublin.
Former solicitor Michael Lynn, who has pleaded not guilty to 21 counts of stealing a total of almost €30m from financial institutions in 2006 and 2007, said he had ‘permission from bankers’ to use money they gave him for mortgages in Ireland to fund property development abroad.
Via RTÉ News:
Mr Lynn said the banks he dealt with were aware of his other borrowings and aware of his investments abroad. He said the minute a loan goes through, the loan is registered within 30-60 days and is visible to the Irish Credit Bureau.
He said credit checks were more powerful than any statement of affairs. He said he was never asked to provide an explanation for undisclosed lending revealed in an ICB check. “I simply didn’t need to,” he said, “they were aware of the other borrowings and aware of the investments abroad“.
Mr Lynn said there was no effort whatsoever by him to conceal his loans. The banks he said, could see every loan he had. He said it bounced out at them. If he had been trying to pull the wool over their eyes or take advantage of them, their own internal checks were showing his loans, he said.
Mr Lynn told defence counsel, Paul Comiskey O’Keeffe that undisclosed lending was never raised with him. No concern was raised with him, he said, he was not brought in for a meeting to see if he was “up to something”. He said what he was up to was doing business, and the banks were enabling him and assisting him in doing that business.
Lynn says bankers gave permission to fund property development abroad (RTE)
Time will tell
Liam
I bet the deal was done just before he returned to Ireland from Brazil that has no extridiction treaty
What stinks is most probably the trial was set so far in the future people had forgotten the crime he committed
Millions upon millions
So I could say he serves very little time and job done
Maybe he will face less than seanie or drum
“ Mr Lynn told defence counsel, Paul Comiskey O’Keeffe that undisclosed lending was never raised with him.”
If it wasn’t disclosed, then how would it be known, thus making it incapable of being raised with him?
And ‘the banks’? Names of bank personnel left out of course.
Every deed and every charge on a deed is registered in the land registry
It was so far behind chancers like lynn could take multi mortgages on one property
The fact they were in such a mess in the land registry means they are up to their neck in the mess
Imagine if you would of taken a second mortgage out on a house you were about to sell
By the time the trace would show the property had a debt on it you could of been retired and even liable for that debt on your property
And of course the banks are not exactly blameless
One thing is he has liability insurance and that means if he did not he could not practice
So the insurance policy should cover his fraud but as we all know insurance companies can operate with impunity
Great little country to do business in
No wonder the kinehan gang grew to such power as the Garda can do nothing apart from motoring offences
The Kinehans grew because the gardai were on the take from the Kinehans. Not to mention the fact that there are a fair-few gardai actually dealing drugs. There’s a few good apples in the gardai, but most of them are corrupt as hell.
Well that beats stupidity
Either way we are screwed
The insurance thing probably doesn’t hold either. Like the pyrite, the insurance (homebond) should cover the problem, but the insurance won’t pay.
Solicitors professional indemnity insurance covers negligence/mistakes etc but not fraud or theft. This solicitor wasn’t registering the mortgages in the land registry. What he did was only possible because he was a solicitor representing himself. There is only one set of title documents and they have to be sent to the charge holder at the end…that can’t be done for 3 mortgages by 3 lenders. So only a solicitor could do it. Solicitors cannot act for themselves in respect of mortgages since Lynn’s crookery
This was common at the time. Banks knew that multiple loans were being raised on the same collateral. Repeated warnings were expressed, but Fianna Fail/ Fine Gael/ Labour just wanted the party to continue. A lot of insiders made a lot of money. None of that money was returned.
And Sara he is out on bail
And if a bank did not follow protocol then they were violating the law
But as we all know these shysters should of all been dangling outside the central bank for what they were responsible for
That is something I would pay to see, add in the politicos, church & most media and it would be ,ahem, a sellout .
Giggly goo
All solicitors must have liability insurance to practice and the law society has the names of these insurance companies on file and it’s public record
Without liability insurance they cannot practice
But as usual it’s the corrupt state that tolerates it
I am sure if it was persued in Europe the. The pyrite case could grow legs
I remember a case of emerald meats who took a case against the department of agriculture over loosing an export licence awarded to goodman
They tried to sue the state and got nowhere then took the case to Europe and the case was won
Michael Lynn tells trial he did not steal ‘a penny’ and there was no scheme to defraud banks:
https://www.independent.ie/irish-news/courts/michael-lynn-tells-trial-he-did-not-steal-a-penny-and-there-was-no-scheme-to-defraud-banks-41663830.html
Are ye right there, Michael, are ye right?
It’s still a fraud though isn’t it?
Former solicitor Michael Lynn accused of a ‘web of deceit’ and a ‘fabricated pack of lies’ in his multi-million euro theft trial:
https://www.independent.ie/news/former-solicitor-michael-lynn-accused-of-a-web-of-deceit-and-a-fabricated-pack-of-lies-in-his-multi-million-euro-theft-trial-41692058.html
Jury in theft trial of former solicitor Michael Lynn (53) fails to reach verdict:
https://www.independent.ie/irish-news/courts/jury-in-theft-trial-of-former-solicitor-michael-lynn-53-fails-to-reach-verdict-41710752.html