Michael Lynn goes on trial over alleged €27m mortgage fraud

Accused alleged to have applied for multiple loans from seven banks on same properties

A man stole about €27 million from seven financial institutions, a jury at Dublin Circuit Criminal Court has been told.

Patrick McGrath SC, for the DPP, said the prosecution would contend that Michael Lynn applied for multiple mortgages on the same properties, defrauding the various institutions of sums of money set out individually in various counts on the indictment.

The lenders are: ACC Bank; Bank of Ireland Mortgage Bank; Ulster Bank; Bank of Scotland; Danske Bank, trading as National Irish Bank; Irish Life & Permanent, trading as PTSB; and Anglo Irish Bank.

When arraigned on Monday, Mr Lynn (53), Millbrook Court, Redcross, Co Wicklow, pleaded not guilty to a sample charge.

Eleven members of a 15-member jury were sworn in on Monday to hear the trial before Judge Martin Nolan, which is listed for 14 weeks. Judge Nolan said the remaining four jurors would be empanelled on Tuesday.

Mr McGrath told the jury panel that there were 70 witnesses in the book of evidence and he listed their names, saying jurors should not serve if they had links to any of the institutions or the witnesses.

Judge Nolan told the jurors they should not consult smartphones or other devices and must listen only to the evidence when the trial opens.