Michael Lynn tells court his €27m loans were not ‘a scheme designed to defraud’ banks

Former lawyer Michael Lynn told his multimillion-dollar theft trial that he didn’t steal “a penny” and there was no scheme designed to defraud the banks.

Mr Lynn (53) of Millbrook Court, Red Cross, Co. Wicklow, is on trial for the theft of around £27million from seven financial institutions. He pleaded not guilty to 21 counts of robbery in Dublin between October 23, 2006 and April 20, 2007.

On his eighth day on the witness stand at Dublin Circuit Criminal Court, he was cross-examined by solicitor Paddy McGrath SC.

Mr McGrath told Mr Lynn he was an experienced lawyer who had built a property empire. Mr Lynn agreed he was an experienced lawyer who got involved in the property market, but said he objected to the term ’empire’, which he found abhorrent.

He said the allegation that he stole €27million from the banks was incorrect, saying: ‘I didn’t steal a penny from the banks.

Mr. McGrath told him that he had operated a scheme of undertakings with the banks by getting Liz Doyle, a legal executive who worked for Mr. Lynn at the time, to fraudulently sign those undertakings on behalf of Fiona McAleenan, a firm lawyer. , or have Ms. McAleenan sign without knowing all the details of the undertakings.

“Liz Doyle was your eyes and ears, you tricked her into falsifying covenant statements to deliberately misrepresent your assets,” the attorney said. Mr. Lynn said that was incorrect.

The lawyer told him that there were no secret agreements between him and the banks, as Mr. Lynn claimed in his testimony to the jury. He said he disagreed and said there was a long history of lending with the banks in question.

He said the lawyer’s assertion that the loans were for specific purposes and that he had misused the money for other purposes was completely incorrect. He said the banks were “well aware” of what he intended to do and do with the loans.

‘To do business’

Mr McGrath told him the only reason he hadn’t defrauded Anglo Irish Bank was because they had a different system of loan covenants, saying ‘they were lucky they weren’t defrauded “.

“No, that’s not a fair representation. It was in no way a scheme designed to defraud, it was just about doing business,” he said.

Mr McGrath explained to the witness that for 15 years “you did everything in your power to avoid being held accountable” for his actions. “You never wanted to tell this pack of lies or take responsibility,” the lawyer said.

Mr Lynn said this was incorrect and that he had served five years in prison in Brazil and was fighting these charges because he was adamant that the banks knew what was going on and that he did not tell them. not stolen.

“I am many things but I am not a thief,” he said. Judge Martin Nolan told the jury that Mr Lynn had no legal obligation to remain in Ireland when he left for the UK, Portugal or Brazil and that he had not broken any law in s going there.

The trial continues.

Garland K. Long