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Lynn tells trial he gave bankers direct payments

Ponzi Scheme

Lynn tells trial he gave bankers direct payments

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Former solicitor, Michael Lynn has said he gave bankers who were involved in lending money to him, direct payments and promised them apartments at a reduced price.

Mr Lynn told his trial at the Circuit Criminal court in Dublin that his companies also flew bankers out to Portugal and Hungary, paying for their flights and accommodation.

He was giving evidence in his defence for a fourth day. He has pleaded not guilty to 21 charges of theft.

It is alleged he stole almost €30 million from seven financial institutions in 2006 and 2007 by taking out multiple mortgages on the same properties.

Brazil prison ‘run by prisoners with guns’

He also described conditions in prison in Brazil after his arrest there in 2013. He told the court the prison was run by prisoners with guns and swords, and he saw people being killed.

He added that the prison was beside a huge dump, there were rats bigger than cats, and he had pneumonia 11 times.

Mr Lynn told the court that in business, you got “nothing for nothing”. Bankers expected benefits in kind – that was the way it was at the time he said.

“They saw you making money and they wanted to make some money too.”

He said his company flew bankers to the Algarve in Portugal and to Budapest in Hungary. He described how the former head of Irish Nationwide Building Society, Michael Fingleton, came out to Portugal for a week in 2006, to look at a development.

Mr Lynn’s companies would have paid for hotels and flights he said and ensured they got tours…

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