Reports have revealed that a number of assets potentially tied to the criminal deeds of Michael Lynn, a 55-year-old convicted embezzler, are currently under scrutiny. Among these assets are a property in Portugal valued at €3 million and three bank accounts collectively holding €2.8 million. It has also come to light in the Dublin Circuit Criminal Court that a residence in Brittas Bay, County Wicklow, formerly inhabited by Lynn, is being investigated.
The court has been informed in anticipation of a potential confiscation order, as permitted under the Criminal Justice Act 1994. If it is determined that the convict has profited from his offence, the court could find it fitting to require him to pay an appropriate sum. Additionally, he may be compelled to answer accusations regarding and provide justification for his contention that these assets bear no relation to his wrongdoing.
The court has been intimated of concerns by the Director of Public Prosecutions (DPP) that certain properties may be associated with roughly €80 million, suspected to have been pilfered by Lynn from six banks during the property boom. Specifically, the Brittas home is reportedly owned by a firm whose executives are considered to be starkly associated with Lynn.
Lynn, once a solicitor and property tycoon, was handed a prison term exceeding five years by Judge Nolan in February, following his conviction towards the end of the previous year on ten out of 21 charges. These charges, pertaining to a €17.5 million theft from six banks in 2006 and 2007, emerged from a broader Garda investigation into Lynn involving over €80 million.
In his offences, Lynn repeatedly applied for loans using the same properties as security. A previous trial in 2022 could not reach a conclusion. Most of the money which was the focus of the Garda probe has not been recouped, with an amount, it is believed, having been invested overseas.
Barrister Joe Mulrean, who notably represented the DPP, mentioned before the Dublin Criminal Court this Tuesday that an investigation could potentially be authorised into assets under the 1994 Criminal Justice Act stipulation. This is set into motion when the DPP suspects illicit profits from criminal activities or potentially identifies assets relating to the offence.
The court had previously been notified that the assets situated in Portugal had already undergone the freezing process before Lynn’s arrest. Lynn’s detainment succeeded his extradition from Brazil in 2018 to confront his trial, wherein he was allocated legal aid.
Mr Mulrean disclosed that, according to law, Lynn could be commanded to clarify his responses to allegations about his assets. This includes specifying the claims he acknowledges and the ones he refutes, as well as the evidence he prepares to utilise in his defense.
Barrister Paul Comiskey O’Keeffe asserts that his client has not yet obtained notification of the probable assets inquiry and that since his conviction, Lynn has changed his legal representation. Lynn’s representation is currently being managed by John O’Donohoe, who stood by Lynn during his initial trial.
After determining that all critical documents could be distributed to Lynn via his newly appointed solicitor, Judge Nolan postponed the case until July 8th. “Presumably, the money and properties are secure,” he stated, to which Mr Mulrean concurred that indeed, they were.