Man guilty of stealing €18m from financial bodies

Michael Lynn was remanded in custody

A former solicitor has been convicted of stealing almost €18m (£15.5m) from financial institutions in the Republic of Ireland.

Michael Lynn, 55, from Redcross, County Wicklow, spent four and a half years in a Brazilian prison before being extradited to face charges in Ireland.

He pleaded not guilty to 21 counts of theft amounting to almost €30m (£26m) from seven financial institutions between October 2006 and April 2007.

The jury found him guilty on 10 of the 21 counts and told the judge they could not agree verdicts on the others.

Prosecutors said Lynn took out multiple mortgages on the same properties from different financial institutions who did not know other banks were also providing finance.

Lynn claimed he had "off the books" agreements with the banks.

Prosecution lawyers told the jury it was "implausible" that seven financial institutions across the length and breadth of the country were "in cahoots" with him.

The judge, Martin Nolan, told the jury to convict Lynn they had to believe beyond reasonable doubt he stole the money by deceiving the lenders.

After the verdict, Judge Nolan said it was not appropriate to grant bail but he would deal with the matter as early as possible next month.

He remanded Lynn in custody ahead of a sentencing hearing on 15 January.