Mr Lynn, with an address at Millbrook Court, Red Cross, Co Wicklow, has pleaded not guilty at Dublin Circuit Criminal Court to 21 counts of theft in Dublin on dates between October 23rd, 2006 and April 20th, 2007.
He told the jury they will hear of a repeated method where Mr Lynn applied for mortgages to at least two, and in many cases a number of, different financial institutions which then lent him the money, unaware of the other mortgage applications. He said he made a statement based on information contained within INBS documents and entries in its record books. He said these were documents received by employees in the course of business and that copies were produced that are before the court.Before the jury, Mr McMahon said that a home loan application made by Mr Lynn and his wife Brid Murphy for the purchase of a home in Howth, Co Dublin indicated a loan amount of €4,125,000 and was signed by Mr Lynn and Ms Murphy.
He told Mr McGrath that when a letter of undertaking is given, as far as an institution is concerned, there are no other loans on the property. He said that means if a person defaults on a mortgage, the institution can sell the property and take the balance owed to them from the sale.
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Jury sworn in for Lynn trial over alleged €27m theftJury selection is continuing at Dublin Circuit Criminal Court for the trial of former solicitor Michael Lynn who is charged with stealing €27 million from a number of financial institutions.
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