Michael Lynn jury sent home for second night

Judge says he will accept majority verdict in trial of former lawyer

The jury in the multimillion-euro theft trial of former solicitor Michael Lynn has been told it can return a majority verdict if it is unable to reach a unanimous decision.

On Tuesday afternoon, after the jury had been deliberating for just under 10 hours, Judge Martin Nolan said he would accept a majority verdict on which at least 10 jurors were agreed.

The jury continued deliberations for a further 20 minutes before being sent home for the night. It will return to court at 2pm on Wednesday.

Mr Lynn (53) of Millbrook Court, Redcross, Co Wicklow, is on trial accused of the theft of about €27 million from seven financial institutions. He has pleaded not guilty to 21 counts of theft in Dublin between October 23rd, 2006, and April 20th, 2007.

The Dublin Circuit Criminal Court trial has been running for 3½ months.

It is the prosecution’s case that Mr Lynn obtained multiple mortgages on the same properties, in a situation where banks were unaware that other institutions were also providing finance.

The financial institutions involved are Bank of Ireland, National Irish Bank (later known as Danske Bank), Irish Life & Permanent, Ulster Bank, ACC Bank, Bank of Scotland Ireland and Irish Nationwide Building Society.

Mr Lynn has told the 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. He has said he had “secret deals” with a number of bankers, who gave him permission to use the loan money for his property developments abroad.

He told the court he and former Irish Nationwide chief executive Michael Fingleton were involved in a secret profit-share agreement in relation to a property development in Portugal.