Former solicitor Michael Lynn has taken the stand and started to give evidence in his trial.
Mr Lynn (55) took the stand yesterday (11 December) 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,” Lynn (pictured) 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 that he employed Liz Doyle, his legal executive, in 2000. The court has heard evidence from Doyle, who told the jury that she forged another solicitor's signature on bank undertakings at Lynn's request because there was a “fear” there.
Lynn said that he found this comment about him having ‘another side’ “disappointing”.
‘Things were frenetic’
“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 [that] she described this other side – ‘scary Mary’. She stayed with me seven years. I find that disappointing.”
Lynn also described how he first got into property-purchasing in the late 1990s. He outlined how he bought his first investment property in 1998 for IR£110,000 with a loan of IR£125,000 to fit it out. He said that he flipped it four months later, selling it for IR£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”.
‘Three or four’ properties a year
He told the jury that he bought and sold three or four properties a year around this time. He said that he acted as his own solicitor in these purchases up until around 2000. He said that the banks were “absolutely” aware that this was the case.
Lynn went on to describe how he got involved in developing properties in Carrick-on-Shannon and Portugal.
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 23 October 2006 and 20 April 2007.
It is the prosecution’s case that Lynn obtained multiple mortgages on the same properties, in a situation where banks were unaware that other institutions were also providing finance.
The trial continues today (12 December) before Judge Martin Nolan and a jury, with Lynn expected to continue giving evidence.