Anglo let fraud accused verify collateral for loans
The jury were told Mr Byrne applied for and received over €4.6m in loans from now-defunct Anglo. The accused received a €3.2m loan from the bank as a first-time customer in 2006 by using 13 properties as collateral. He claimed he owned the properties and they did not have other loans outstanding against them. A further €1.46m was granted a year later using 19 properties as security.
The court heard it was up to Mr Byrne to verify he owned the properties and to provide details of registration. Anglo hired a lawyer, Andrew Crean Lynch, to handle the verification process but he did not investigate Mr Byrne’s claims.
