The former Managing Director of Bank of Ireland Private Bank has been sharply accused of dishonesty in his trial, according to the prosecuting attorney’s statement addressed to the court. The Dublin native, Brendan Mullin, 61, who once represented Ireland in rugby, is standing trial for allegedly embezzling over €570,000 from the Bank of Ireland Private Bank during his tenure as managing director between 2011 and 2013. However, he strongly refutes all accusations.
In conclusion to the trial proceedings on Thursday, Dominic McGinn SC, the prosecutor, explicitly highlighted dishonesty as the crux of Mullin’s case, asking the jurors not to wade into the convoluted sphere of banking but instead to scrutinise Mullin’s evident conduct during the period of charges.
McGinn encouraged the jury to apply their logical thinking to examine the components forming the crime of theft, such as the unlawful possession of the items and dishonest intent.
Highlighting a crucial aspect, the presenting counsel asserted that reimbursement does not nullify the crime of theft and this factor should be deemed irrelevant during the deliberation process.
“Dishonest intent to deprive the owner of his belongings can’t be overlooked just because the amount is repaid”, he stated.
According to McGinn, the central question for the court to consider is whether Mullin engaged in a colossal blunder or deliberate dishonesty. “It’s the question of whether he acted with nefarious intent or out of a colossal oversight”, he said.
The presenting counsel also hinted at Mullin’s attempts to have some money returned to the bank, interpreted as a dismissive ‘nothing-to-worry-about’ gesture to hush it up. He suggested that a pattern throughout circumstances indicated Mullin gained financially.
McGinn asserted that the prosecution’s stance was clear – Mr Mullin was the key figure in the money’s disappearance and made an effort to return some of the funds in an apparent sweep-it-under-the-carpet maneuver.
Using the bank’s funds, four invoices from McCann Fitzgerald Solicitors were paid for work done for Mr Mullin’s firm, Quantum Investment Strategies, or personally for him, according to Mr McGinn. He claimed that Mr Mullin had informed McCann Fitzgerald that a part of his legal costs were being handled by the bank and had directed them to amend and forward the invoices to the bank.
Upon the discovery of this matter in late March 2013, Mr Mullin promptly reimbursed the bank through McCann Fitzgerald by clearing the invoices, making Mr McGinn question why he did not do so upon receiving the initial invoice unless there was deceitful intention. Mr McGinn proposed that it was simply a scheme on Mr Mullin’s part to have someone else bear his legal costs.
He insinuated that Mr Mullin conveniently shifted blame onto others to several members of the private bank when the payment of McCann Fitzgerald’s invoices was exposed. But Mr McGinn maintained that none of Mr Mullin’s subsequent explanations matched his original claims towards McCann Fitzgerald.
In addition, Mr Mullin allegedly told the police that the bank had agreed to reimburse another invoice from Beechwood Partners’ accountants and three more from Grant Thornton. Nonetheless, Mr McGinn claimed that there existed no proof of such agreement and that all four bills pertained to services availed by Mr Mullin personally, rendering no ground for the bank’s liability.
Furthermore, Mr McGinn narrated to the jury that the prosecution argues Mr Mullin siphoned €500,000 from the Bank of Ireland, exploiting a communication gap within the banking group, which ended up with the money being routed to a company known as Spice Holdings. It was also brought to the court’s attention that in July 2015, Quantum repaid €500,000 to the Bank of Ireland Private Bank. Mr McGinn alleged that Mr Mullin was instrumental in the money transfer to Spice Holdings.
Between July and December of 2011, Mr Mullin seemed to put a substantial amount of effort into bringing €500,000 under the control of Spice Holdings, according to the counsel. The court was informed that Spice Holdings’ Northern Trust account received a transfer of €500,000 in December 2011.
The instructions sent in June 2012, directing the €500,000 to a Spice Holdings account managed by the Royal Bank of Canada in Jersey, were addressed to Mr Mullin, rather than a relationship manager as would typically be the case, Mr McGinn highlighted. The Royal Bank of Canada was queried by the private bank for more transaction details, but these questions yielded no responses.
Despite these circumstances, Mr McGinn noted that €500,000 was returned, not by Spice Holdings or the Royal Bank of Canada, but by Mr Mullin through Quantum. He questioned why Mr Mullin would return €500,000 if he had no involvement in the initial receipt of the funds, or if the transaction was due to a clerical error or an oversight by someone else.
Mr McGinn pointed to the July 2015 repayment as “significant”, suggesting that Mr Mullin hoped the repayment might make the entire issue disappear. His conclusion was that this is the last piece of proof indicating Mr Mullin’s extensive involvement with the Spice Holdings transaction. The fact that he repaid the money raises suspicion over his responsibility if he had no initial involvement.
The point Mr McGinn was making to the jury was that Mr Mullin is the “consistent element” in all this and appeared quick to lay blame elsewhere. He urged them to judge whether the witnesses were mistaken or if Mr Mullin was being deceitful.
Mr Mullin has denied one charge of stealing €500,000 from Bank of Ireland Private Bank on December 16th, 2011, on Mespil Road, Dublin 4. He also denied eight other charges related to theft of monies, totaling slightly over €73,000 from the bank at different instances.
Mr Mullin, the former head of Bank of Ireland Private Bank, maintains his innocence, refuting one charge of deceit and five charges of incorrect record-keeping. It’s claimed that these transgressions took place from July 2011 to March 2013. Besides his banking career, Mr Mullin is recognised for his contribution to international rugby, representing Ireland as a player. The legal proceedings are still ongoing.