Byrne claims banks knew he was using false collateral
During cross-examination Mr Byrne said the financial institutions were either aware or did not care that the properties he used as collateral had been already been promised to other banks.
Mr Byrne, aged 47, of Walkinstown Rd, Crumlin, Dublin, is accused of theft and fraud offences totalling €51.8m. The charges allege he transferred clients’ homes into his name and used them as collateral for property loans.
He has pleaded not guilty at Dublin Circuit Criminal Court to 50 counts of theft, forgery, using forged documents, and deception between 2004 and 2007.
Mr Byrne said every loan he is accused of taking out was for the benefit of his business partner and client John Kelly. He said he was acting under duress when he took out the loans.
He said Mr Kelly forced him to take out loans on his behalf because the banks would not lend any more money to him. The accused also said he had to fund Mr Kelly’s lifestyle, which included collecting Aston Martin cars.
Mr Byrne said Mr Kelly was a James Bond fan and owned several Aston Martins from the films. He said his yacht, which was moored in Spain before being repossessed, was named Thunderball. “007 Kelly,” defence counsel Damien Colgan SC commented.
Mr Byrne said that at one stage in 2007 he was transferring between €450,000 and €500,000 a week into Mr Kelly’s account to fund his day-to-day living.
The former solicitor said he kept none of the €51.2m borrowings. He said he was living in his car for four months after his practice was shut down by the Law Society.
Mr Byrne repeatedly questioned why the prosecution did not call certain banks officials and lawyers involved in the loans to give evidence.
He said that these people might not exonerate him but would be able to tell the truth about what happened.
The trial continues today with the rest of Mr Byrne’s cross-examination before Judge Patrick McCartan and a jury.
CONNECT WITH US TODAY
Be the first to know the latest news and updates
