Financial institutions

Man on trial accused of stealing 27 million euros from financial institutions

A man has been tried for stealing 27 million euros from several financial institutions.

Michael Lynn (53) faces 21 charges relating to the alleged theft of money from seven banks between 2005 and 2007, a Dublin Circuit Criminal Court jury heard on Monday.

The financial institutions involved are Ulster Bank, Bank of Ireland Mortgages Bank Ltd, Bank of Scotland Ireland Ltd, Danske Bank as National Irish Bank, ACC, Irish Life and Permanent as PTSB and Anglo Irish Bank.

Mr Lynn, of Millbrook Court, Red Cross, Co Wicklow, pleaded not guilty to one count of theft of €2,742,000, the property of Bank of Ireland Mortgages Bank Ltd, on December 13, 2006.

“This is a case where the allegations are that over a period of time, between 2005 and 2007, Michael Lynn, the defendant, stole approximately 27 million euros from these financial institutions,” said Patrick McGrath SC, pursuing, to the jury before impaling.

“There are 21 counts in the indictment and they relate to thefts which the prosecution alleges were committed during this period and in connection with the property of these banks.”

Mr McGrath said the prosecution’s case is that Mr Lynn “applied for multiple mortgages on the same properties”.

The trial is expected to last between 12 and 14 weeks and will hear from 70 witnesses.

An expanded jury of 15 jurors is required for the trial. On Monday, 11 jurors were constituted. Judge Martin Nolan adjourned the case until Tuesday to assemble the rest of the jury.

He warned jurors not to research anything about the case online. “The fundamental reason is that at the trial you are going to hear, the issues will be determined solely by what you hear in this court,” he said.

He postponed the case until tomorrow.