Michael Lynn - The Irish Casey Serin Strikes!


#1

Casey Serin is a notorious American chap who racked up over $2.2 million in mortgage debt and ended up having all his entire investment portfolio repossessed. Wikipedia entry for him here en.wikipedia.org/wiki/Casey_Serin

How could the bankers be so fecking stupid as to allow a property to be remortgaged twice :open_mouth:


#2

It does not sound like brilliance to me , its quite a simple fraud from the sound of it…allegedly that is :slight_smile:


#3

Nice to see the courts colluding with the Law Society to hush this up, clearly the legal system knows what its priorities are in this case.


#4

this is the kind of nu-perfect ireland poster child the meeja would have praised to the rafters.

Ellio Malocco was just the beginning :wink:


#5

I wonder why this fleet-footed fellow chose to depart our shores at this juncture; without so much as a going away party?. Does he know something we don’t? Whatever the reason may I be the first to wish him every success in his new venture. :confused:

NEWSFLASH

This photograph just in of the gentleman in question attempting to cross the frontier between Spain and Portugal.

http://www.motorcycle-usa.com/photos/mcqueen.jpg


#6

Some more details on this fellow, from the Sindo

€30m property crisis lawyer has not 'absconded’

independent.ie/national-news … 66531.html

And if it wasn’t for you pesky FTBs he would have got away with it.


#7

Also from that Sindo article:

Looks like he was still living the high life after the downturn already started. He must have thought it was a temporary blip.

Now hes having trouble unwinding his positions, and cant make his mortgage payments.


#8

Sounds like these big savvy investors were using second mortgages to make the payments on the first mortgage. Thats real Casey Serin stuff.

I wonder how the banks are going to go about liquidating this guys properties. Sell them all in one auction with a low reserve or try to sell them one by one at conventional prices.


#9

Yes, there is more of this out there. This is classic behaviour at the end of every boom, the fraud and bad lending decisions are exposed. The banks must now increase their bad debt provisions (They had been reducing them over the past few years of the boom), this means less money to lend and higher interest rates for borrowers.


#10

#11

And some more from the Sunday Business Post

Solicitor due in High Court over mortgage fraud allegations

sbpost.ie/post/pages/p/story … qqqx=1.asp


#12

#13

Won’t somebody think of the poor banks?!?!


#14

I blame the pesky whistle blower. If your man had keep his whistle in his pocket things would have been grand. Btw do the Law Society issue whistles to members or do they have to source them themselves? I wonder if these whistles are the same as the ones used by ref’s? Or are they special whistles that emit a sound at a pitch that can only be heard by other solicitors? I think we need to know. 8)


#15

Maybe it was the whistle planted on Dougal in that episode of Fr Ted.
This whole thing has a certain comedic content.
And of course we all remember Teds great line
“The money was only resting in my account.”
Ok party game for a Monday,which economists do the following characters
remind you of.
Fr Ted, Fr Jack, Fr Dougal, Bishop Brennan


#16

I lifted this from Daft - it seems a number of the country’s former sporting greats could stand to lose a few quid on this one :frowning:

archives.tcm.ie/westernpeople/20 … y25990.asp


#17

From said article in the Western People

“This is a once off opportunity to buy properties which have a spectacular view, to bring the image home – imagine a villa on the Cliffs of Moher but with guaranteed sunshine”.

Imagine indeed


#18

I Think they also have a 333 apartment ‘resort’ to sell in Bansko Bulgaria but the website is only available in the google cache here.


#19

Guess who sponsors Queen’s Sigerson Cup GAA squad? But not alone are they sponsored by this organisation, players and attached officials receive a discount on a flat in Bulgaria to boot.

queens.ie/home/Alumni/AssociationsFileStore/Filetoupload,34103,en.pdf


#20

I first came across this company in an All-Ireland semi final program in 2004. Beside all the adds selling silage bailers and fertilizer there are two pictures of great mates Willie Joe Padden in his 1989 Mayo jersey and Rui Costa playing for AC Milan in the champions league. Ad goes that great mates WJ and Rui Costa have twinned up to help bring wonderful real estate opportunities to the good people of Ireland.

You can imagine Rui Costa sitting in the dressing room after winning the Champions League. Maldini asks “Rui why you look so sad?” Rui"I have all these off market value appartments in Portugal that represent wonderful value but how can I bring this message to the deserving people of Ireland?" Maldini “Why don’t you call you old friend from Mayo Willy Joe Padden, he of the ridiculous head bandage in the '89 All Ireland final?”

And thats how it all happened.

A blind man on a galloping horse could see that this was bullshit