Former solicitor Michael Lynn found guilty of stealing €17.9m from six banks

He was found guilty on 10 of the 21 charges against him

Michael Lynn had taken 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. Photo: Collins Courts

The jury in the multi-million euro trial of former solicitor Michael Lynn has returned guilty verdicts on 10 of the 21 charges against him.

The jury convicted Lynn of 10 counts of stealing around €17.9 million from six financial institutions 16 years ago. They were unable to agree on the remaining 11 counts on the indictment.

Lynn (55) leaned forward when the jury returned the verdicts in Dublin Circuit Criminal Court on Wednesday but made no visible reaction. The jury had been deliberating for six-and-a-half hours across two days following an eight-week trial.

Judge Martin Nolan remanded him in custody after the verdicts were handed down. He set a sentence date of January 15, next.

Lynn, of Millbrook Court, Redcross, Co Wicklow, had pleaded not guilty to 21 counts of theft in Dublin between October 23, 2006, and April 20, 2007, when he was working as a solicitor and property developer.

It was the second trial in the case, after the jury in the first trial last year was unable to agree on the verdicts.

It was the prosecution case that 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.

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.

More to follow.