Former solicitor Michael Lynn has taken the stand and started to give evidence in his multi-million euro theft trial.
Mr Lynn (55) took the stand on Monday afternoon and outlined to the jury his family background in dairy farming, how he qualified as a solicitor in 1994 and worked for a couple of solicitor firms and Budget Travel before setting up his own practice, Michael Lynn & Co, in 1997.
“Things were getting busy in Ireland, business was pretty good,” Mr Lynn said of this period, before describing how the practice expanded to 15 staffers and moved to a larger office in Blanchardstown in the early 2000s.
The court heard he employed Liz Doyle, his legal executive, in 2000. The court has heard evidence from Ms Doyle, who told the jury that she forged another solicitor's signature on bank undertakings at Mr Lynn's request because there was a “fear” there.
It would be dishonest of me not to acknowledge that in the office environment, things were frenetic...
Mr Lynn said he found this comment about him having another side “disappointing”. “In fairness at that time, we were extremely busy,” he told the jury. “It would be dishonest of me not to acknowledge that in the office environment, things were frenetic...”
“I'd be a little disappointed she described this other side – scary Mary. She stayed with me seven years. I find that disappointing.”
Mr Lynn also described how he first got into purchasing property in the late 1990s. He outlined how he bought his first investment property in 1998 for £110,000 with a loan of £125,000 to fit it out. He said he flipped it four months later, selling it for £185,000.
“That was my first introduction, my foray into buying and selling property at that time,” he said, later adding that these were “just mad times”.
He told the jury he bought and sold three or four properties a year around this time. He said he acted as his own solicitor in these purchases up until around 2000. He said the banks were “absolutely” aware this was the case.
Mr Lynn went on to describe how he got involved in developing properties in Carrick-on-Shannon and then Portugal.
Mr Lynn, of Millbrook Court, Redcross, Co Wicklow is on trial accused of the theft of around €27 million from seven financial institutions. He has pleaded not guilty to 21 counts of theft in Dublin between October 23, 2006 and April 20, 2007.
It is the prosecution’s case that Mr Lynn obtained multiple mortgages on the same properties, in a situation where banks were unaware that other institutions were also providing finance.
The financial institutions involved are Bank of Ireland, National Irish Bank, Irish Life and Permanent, Ulster Bank, ACC Bank, Bank of Scotland Ireland, and Irish Nationwide Building Society (INBS).
The trial continues on Tuesday before Judge Martin Nolan and a jury, with Mr Lynn expected to continue giving evidence.
