Solicitor Thomas Byrne has been struck off the roll of solicitors by the High Court and fined €1 million plus costs.
The case of the Dublin-based solicitor, who owes almost €57 million to financial institutions, was before the High Court today.
Mr Justice Richard Johnson upheld the recommendations made by the solicitors' disciplinary tribunal last month.
The Law Society had previously ordered an investigation of Mr Byrne's accounts by forensic accountants from KPMG.
KPMG told the three-man tribunal that borrowings of almost €57 million had been uncovered in Mr Byrne's accounts relating to four properties.
The money was dishonestly obtained from six financial institutions, a KPMG representative said. Some €25 million of this money had been received by Mr Byrne from IIB Homeloans and a further €13.5 million was provided by EBS. None of the money had been repaid.
KPMG was able to account for €8.6 million from Mr Byrne's accounts and another €14 million that moved through the accounts of a client.
The investigation was unable to trace the remainder of the balance, which was some €34 million.
Counsel for Mr Byrne, Seán O'Siochain, did not rebut any of the charges before the tribunal, but said Mr Byrne had been heavily influenced by one of his major clients.
Tribunal chairman Frank Daly said Mr Byrne was guilty of professional misconduct in regard to each of the applications taken against him both individually and cumulatively.
"Clearly he is not someone who should be a member of the legal profession," Mr Daly said.
He ordered that Mr Byrne pay a €1 million penalty and costs to the Law Society and that his name be struck from the solicitors' register