Jurors in the trial of a former solicitor accused of defrauding banks out of millions have been urged to set aside any anger they might feel towards financial institutions.
Thomas Byrne (47) denies 51 counts of theft, using forged documents, and deception between 2004 and 2007. The charges relate to 12 properties and six banks and involve the alleged theft of €51.8 million.
Many of the allegations concern Mr Byrne fraudulently transferring elderly clients’ houses into his own name and then using the properties to secure millions of euros in mortgages.
Yesterday Remy Farrell SC, prosecuting, continued his opening address with what would be alleged against Mr Byrne during the eight-week trial.
The first half of the case would deal with how he allegedly fraudulently took possession of the properties. The second half would concern how he allegedly used these properties to obtain millions of euros in loans from six banks.
Mr Farrell compared it to a pyramid scheme and said it was not a complex case but that the evidence would be quiet dull.
He said the jurors might feel the banks got what they deserved. However poor banking practices did not excuse Mr Byrne and that the banks were not on trial here.
The trial continues before Judge Patrick McCartan and a jury.