Closing arguments from both sides in Byrne case

Former solicitor Thomas Byrne has effectively admitted to defrauding banks of €52 million, claimed the prosecution in the final stages of his trial .

On day 22 of the trial, Remy Farrell SC said that Mr Byrne has offered no defence to allegations that he lied and used fraudulent documents to obtain commercial loans from six financial institutions.

He said that Mr Byrne is “a gambler” who is, possibly, hoping the jury will think that he is exonerated because the banks engaged in reckless lending.

Referring to charges that the accused defrauded 11 clients of homes or money, Mr Farrell asked why these people would sign away their houses “for absolutely no good reason”.

Mr Byrne claims he took possession of these houses legitimately to use as collateral for his bank loans. Mr Farrell asked, if this was the case, why was there no paper trail showing these legitimate deals?

Defence counsel Damien Colgan SC told the jury there were “cracks” in the prosecution case and that Mr Byrne must be given the benefit of the doubt.

He said his client got caught up “on a human level” in the bank’s reckless lending but he intended to repay the loans .

Mr Byrne (47) of Walkinstown Road, Dublin 12, is accused of theft and fraud offences amounting to €51.8 million.

Not guilty plea
The charges allege he transferred clients' homes into his name and then used them as collateral for property loans.

He has pleaded not guilty to 50 counts of theft, forgery, using forged documents and deception between 2004 and 2007.

Referring to Mr Byrne’s claims that his clients agreed to sign over their properties to him with the promise of being paid later, Mr Farrell said: “Isn’t it amazing that not even a yellow post-it note exists in relation to these deals.”

He said the accused was asking the jury to believe that 11 of Mr Byrne’s clients “decided to make up a story” about him.

The barrister told the jury that the legal defence of duress does not apply and was not being claimed by Mr Byrne. He said the accused has admitted defrauding the banks and has offered “no cogent defence”.

Counsel also asked the jury to reject Mr Byrne’s characterisation of himself as “a battered spouse” at the hands of his former partner John Kelly who was made out to be a “vampire bleeding him dry”.

The accused’s defence counsel told the jury in his closing argument that Mr Byrne was under huge pressure from Mr Kelly to get these loans but acknowledged his client is not running a legal defence of duress.

Celtic Tiger context
He asked the jury to consider that his client's action occurred at the height of the Celtic Tiger when people were "queuing around the corner" to buy houses.

He said the jurors must ask themselves was it possible that Mr Byrne’s clients entered into the agreements with him and then backtracked when everything fell apart. He also questioned why Mr Byrne would get involved in such a “hare-brained scheme” if he was as manipulative as the prosecution maintain. Mr Colgan said his client may have been foolish and weak but it was not his intention to defraud people.

As closing arguments have concluded in the case, the jury will hear from Judge Patrick McCartan on Monday before considering a verdict.