The sentencing of former solicitor Michael Lynn, who was found guilty of stealing nearly €18 million from six banks, has been adjourned to allow the defence to get a psychological report.
Lynn (55) was due to face a sentence hearing in Dublin Circuit Criminal Court on Monday but defence barrister Paul Comiskey O’Keeffe asked that the case be adjourned for a fortnight to allow for a psychological report to be prepared for the court.
Lynn (55) was found guilty by a jury of 10 of the 21 counts against him following a Dublin Circuit Criminal Court trial last year. The jury was unable to agree on the remaining 11 counts before the court.
It was the second trial in the case after the jury in his first trial, which ran for 16 weeks in 2022, was unable to agree on any verdicts.
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Judge Martin Nolan agreed to adjourn the matter for one month after defence counsel said there were matters in relation to Lynn’s psychological health that he needed to put before the court.
Judge Nolan noted that nothing in relation to Lynn’s mental health had arisen before, but Mr Comiskey O’Keefe said Lynn’s status has now changed and it related to issues with regards to his detention.
He requested a two week adjournment to allow for the report to be prepared and Judge Nolan set a new sentence date of February 19th.
Lynn, of Millbrook Court, Redcross, Co Wicklow had pleaded not guilty to 21 counts of theft in Dublin between October 23rd, 2006 and April 20th, 2007, when he was working as a solicitor and property developer. He has no previous convictions and has been in custody since he was convicted just before Christmas.
The court heard Lynn obtained multiple mortgages on the same properties in a situation where banks were unaware that other institutions were also providing finance. These properties included Glenlion, Lynn’s €5.5 million home in Howth, and multiple investment properties.
The financial institutions Lynn was found guilty of stealing from were National Irish Bank, Irish Life and Permanent, Ulster Bank, ACC Bank, Bank of Scotland Ireland and Irish Nationwide Building Society.
Lynn took the stand and told his trial that the banks were aware he had multiple loans on the same properties and that this was custom and practice among bankers in Celtic Tiger Ireland.
He was extradited from Brazil in 2018 after spending four and a half years in a “hellhole” prison there. In the first trial, Lynn told the jury the jail was essentially run by prisoners and he witnessed the beheading of a young gay prisoner.
The jury was unable to reach a verdict on the single count relating to Bank of Ireland alleging Lynn stole €2.7 million from that bank.
It was also unable to reach verdicts on 10 counts relation to Irish Nationwide, from which Lynn was accused of stealing €7.4 million. He was convicted on a single count of stealing €508,000 from that institution.
In relation to Irish Nationwide, Lynn claimed he signed a “memo of understanding” with bank chief Michael Fingleton in a Dublin hotel in 2006. He said the agreement involved Irish Nationwide providing funding for Lynn’s apartment development in Portugal, with Mr Fingleton set to benefit personally from this arrangement.
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