Man goes to trial accused of stealing €27 million from institutions

By Isabel Hayes

A man has gone on trial accused of stealing €27million from a number of financial institutions.

Michael Lynn (53) is facing 21 charges relating to the alleged theft of money from seven banks between 2005 and 2007, a Dublin Circuit Criminal Court jury was told today.

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

Mr Lynn, with an address at Millbrook Court, Red Cross, Co Wicklow, pleaded not (NOT) guilty to one count of stealing €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 accused, stole approximately €27million from these financial institutions,” Patrick McGrath SC, prosecuting, told the jury panel ahead of empanelling.

“There are 21 counts on the indictment and they relate to theft that the prosecution say were done within that period of time and in relation to the property of these banks.”

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

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

An extended jury panel of 15 jurors is required for the trial. Today, 11 jurors were empanelled. Judge Martin Nolan adjourned the case to tomorrow to empanel the remainder of the jury.

He warned the jurors that they must not look up anything about the case online. “The fundamental reason is that at the trial you’re going to hear, the issues will be determined by what you hears in this court only,” he said.

He adjourned the case to tomorrow.