Prosecution lawyers have claimed that former solicitor, Michael Lynn has told a jury at the circuit criminal court, a “fabricated pack of lies”.
The trial of Mr Lynn, who denies stealing almost €30 million from seven financial institutions is hearing closing speeches today from both sides.
Mr Lynn claimed in the witness box that he had secret deals with bankers who allowed him to take out mortgages on properties in Ireland and use the money to fund property development abroad.
Multiple mortgages on same properties
He also claimed the banks were aware he had multiple mortgages on the same properties and knew what he was doing with the money. And he alleged some bankers got money or other benefits from him.
Prosecuting counsel, Patrick McGrath told the jury that Mr Lynn’s defence suddenly emerged out of the blue, as a “surprise”, just two weeks ago, towards the end of a trial which began in early February.
He told them a key part of their consideration would be the credibility of Mr Lynn’s account.
Mr McGrath said the jurors would be told by the judge that if they thought what Mr Lynn said might reasonably be true then he was entitled to be acquitted. But he said the prosecution would try to persuade them that they could not attach a shred of credibility to what he said.
‘Secret deals’
He said that Mr Lynn had never made anyone aware of the “secret deals” he was now alleging. He had avoided being interviewed by gardai for years. Instead he fled to Brazil and fought…
