Michael Lynn - The Irish Casey Serin Strikes!

[daltonr]

That last bit is confusing. He says loans to Lynn were approved by Fingleton, but then says that it was loans to Byrne that were appealed to Fingleton.

My head hurts.

-Rd

[ewd3]

That last bit is confusing. He says loans to Lynn were approved by Fingleton, but then says that it was loans to Byrne that were appealed to Fingleton.

My head hurts.

-Rd

Claiming Fingleton approved both men

***note to self

check golf club membership registers**

[verbatim]

[**‘Scapegoat’ banker claims boss approved solicitor loan * * (https://www.independent.ie/national-news/scapegoat-banker-claims-boss-approved-solicitor-loan-1229553.html)

**AN Irish Nationwide Building Society committee set up to approve home loans of over €1m was merely “a device” to satisfy the Financial Regulator, a spurned senior manager has claimed.

In practice there was “limited compliance” with the mortgage provider’s own rules and loans were “entirely informal”, it has been alleged.**

In the first major sign of a blame game within the banking system over the role of mortgage lenders in the recent solicitor’s scandals, a senior INBS official has accused his employers of providing leaked reports of his suspension to the media in an attempt to discredit him over the remortgaging affair.

[rock3r]

PS tocuhé 2Pack on the likely fallout for the LawSoc.

Did you know that the nation of Japan, with 120,000,000 people, has only 10,000 lawyers?

Isn’t that interesting?

[shanegl]

Its more than double that figure. The goverment is planning to double it again in the next 10 years.

[rock3r]

Still, it’s a rather low number for what is still the 2nd richest country on Earth.

In the same way that the sun is rather warm

[daltonr]

Innocent bystanders getting sucked down along with dodgy solicitors.

independent.ie/national-news … 31109.html

-Rd

[geckko]

Where is the bloody Law Society?

Shouldn’t this be at the top of their list?

[yoganmahew]

Where is the bloody Law Society?

Shouldn’t this be at the top of their list?

Really? You don’t think protecting their reputation and their finances are their primary motivation? Or maybe it’s protecting their independence from any sort of consumer-based oversight?

[ewd3]

Your solicitor is one of the people you should be able to trust in your life," Ms Tobin said.

God bless their innocence…

An unamed solicitor in the times was quoted as advocating a separation between the representative and regulatory functions of the Law society… because…

Brace yourselves…

HE THINKS THE LAW SOCIETY IS TOO HARSH ON SOLICTORS!!!

FFS…

“They deal with people in a very hostile manner . I have represented people in various tribunals and I have never seen people treated as badly as ordinary solictors by the law society”

[daltonr]

Really? You don’t think protecting their reputation and their finances are their primary motivation?

Even if that is their main motivation, isn’t the best way to protect your reputation so behave well. If word gets out that your money isn’t safe with a solicitor how does that help their reputation or their finances?

Or maybe it’s protecting their independence from any sort of consumer-based oversight?

As soon as a profession sets as it’s goal the avoidance of external oversight, that is precisely when external oversight is most needed.

Am I right in thinking that the law society compensation fund would be directed towards clients of the solicitors like these people, rather than towards banks.

Or can the fund be drawn on to compensate anyone who has dealings with a solicitor? If so then this couple could be screwed. Hopefully, innocent clients have some sort of prior claim to compensation before banks who contributed to the mess get a look in.

-Rd

-Rd

[ewd3]

If so then this couple could be screwed. Hopefully, innocent clients have some sort of prior claim to compensation before banks who contributed to the mess get a look in.

-Rd

-Rd

mmmm I don’t think so first up best dressed …

Hence the unseemly scrum to secure judgements…

[geckko]

Where is the bloody Law Society?

Shouldn’t this be at the top of their list?

Really? You don’t think protecting their reputation and their finances are their primary motivation? Or maybe it’s protecting their independence from any sort of consumer-based oversight?

From the Law Society website:

The Society has two functions:

• works to improve access to the law generally and also provides representation, services and support for solicitors themselves;

• deals with complaints from the public about members of the profession and administers a statutory compensation fund.

If they have any interest in:

• protecting the reputation and confidence in the legal profession;
• acting to protect clients placed at risk by improper practice by one of the (regulated) members

surely they would have made an immediate assessment of all clients who were potentially at risk (i.e. those who should have had funds in the client account) and taken necessary steps to quickly address and resolve the situation.

[yoganmahew]

surely they would have made an immediate assessment of all clients who were potentially at risk (i.e. those who should have had funds in the client account) and taken necessary steps to quickly address and resolve the situation.

What they should do and what they are doing are somewhat at odds. I agree that the function of an oversight body should be to protect the innocent. Like yourself and daltonr, I think that public confidence in the Law Society is best served by protecting clients of “rogue” solicitors. I just don’t see any evidence of this, from the dismissal of initial complaints against these solicitors over a number of years leading up to this fiasco, to their CYA attitude to freezing the funds of these solicitors and trying to establish first call on the client accounts.

[HouseBuyer]

More poor bastards getting stung by this joker.

independent.ie/national-news … 31110.html

Robbie Tobin and Michelle Mahon were at home eating dinner when the phone rang and their dreams of moving home were dashed.

Up to then, the couple, both in the army and with two children – Leon (8) and Alisha (14 months) – were planning to be settled into their new house by Christmas.

Now they may end up in rented accommodation and saddled with debt.

Robbie’s mother was on the phone, telling them to turn on the TV news.

The news was breaking of Thomas Byrne’s suspension from practising as a solicitor and the investigation into his finances.

The sale of both their houses and the purchas of their new home were all being handled by the rogue solicitor. Robbie sold his house in Clonsilla in August and the remaining €250,000 on the mortgage was supposed to be paid off by Mr Byrne with the proceeds.

When his bank, First Active, kept deducting mortgage payments, he rang Mr Byrne to find out why.

“The mortgage was not redeemed. He rang Thomas Byrne. Eventually he did ring back. He told him not to worry about it and it would be sorted out. Then we found out the mortgage had not been paid off,” Michelle said.

Now the couple can’t get a mortgage because the old loan is not paid off.

“Robbie is actually in the red. Legally it’s not even his house but now he still has the mortgage at that address,” Michelle said.

The sale of Michelle’s house in Clondalkin and the purchase of their new house in Lucan were also being handled by Mr Byrne.

The papers were signed just a couple of days before Mr Byrne’s troubles became public. Mr Byrne has the deeds to her house, as well as the €8,000 deposit for the new house.

The couple were supposed to have moved in the first week in November and the new owners are waiting to move into her house.

Amazingly, the couple aren’t the only members of their extended family to be caught up in the rogue solicitor’s scandal.

“The week before we found out about us, a cousin of mine buying a holiday home in Kildare and property in Bulgaria was dealing with Michael Lynn. She said she is all sorted out. She came out of it okay,” Michelle says.

When the couple contacted their financial advisers about what to do, they tried to get them new legal advice.

Three solicitors turned down the case before a fourth agreed. The couple had no reason to doubt Mr Byrne.

“I had no reason not to trust him. He’s one of the people you should be able to trust in your life,” Michelle says.

I really hope that these people are the first in the queue to get compensation from the Law Society’s fund.

[exiled]

More poor bastards getting stung by this joker.

If a solicitor is barred from practicing shouldn’t the law society have somebody take over the cases immediately?

[daltonr]

If a solicitor is barred from practicing shouldn’t the law society have somebody take over the cases immediately?

Lots of “shouldn’t they” type questions about the Law Society.

If politicians were behind all of this there would be a Tribunal with members of the Law Society creaming it as they try to get to the bottom of things.

-Rd

[Green_Bear]

In October, the Law Society closed down the business operations of the two Dublin-based solicitors who operated extensive overseas property investment operations and who it is alleged had racked up multimillion-euro liabilities by taking out multiple mortgages on the same properties.
The Irish banks and other home loan lenders issued the loans on foot of solicitors’ undertakings.
Such undertakings are a mechanism that enable solicitors to close a property deal without producing title records to the lender and to draw down loans without immediately registering the bank’s security.
Mr Justice Frank Clarke ruled that the suspension of Fitzgibbon should be lifted pending a full hearing of his action against his employers. He also said the current disciplinary process against Fitzgibbon was confused and should not continue.
The judge also said that Fitzgibbon had established a strong, arguable case that the disciplinary inquiry had been initiated for the reasons Fitzgibbon had outlined, in effect to deflect attention from senior management.

High Court orders Irish Nationwide Building Society to reinstate manger
finfacts.com/irelandbusiness … 1945.shtml

[Green_Bear]

The number of dealings by solicitor Michael Lynn over properties is a “witches’ brew”, a High Court judge said yesterday.
Mr Justice Peter Kelly made the remark when dealing with proceedings by First Active plc against Mr Lynn and John Riordan, in which the bank is seeking orders for possession of seven properties.
Five of these are in Dublin, one at 59 Carlton Village, Youghal, Co Cork, and the seventh at No 10 Glor na Mara, Dock Street, Galway.
The bank claims it loaned the defendants monies in 2004 and 2005 to buy properties and refinance existing bank facilities. In addition to possession orders, it is also seeking an order that a sum of about €5m plus interest is charged in its favour.
The court heard ownership of one of the properties, 98 Pinebrook Vale, Clonsilla, is being claimed by a Patrick McDermott who bought it from Mr Lynn. It is occupied by tenants who had informed him (Mr McDermott) of the bank proceedings. IIB Bank also has an interest in this property, as does Permanent TSB, while Bank of Scotland Ireland (BoSI) says it had loaned monies to Mr McDermott to acquire the property and that he had agreed to execute a mortgage in the bank’s favour over the property. >>>>

’Witches’ brew’ of Lynn deals confronts court
independent.ie/national-news … 36256.html

[Green_Bear]

The Law Society has hit back at scathing remarks by the Master of the High Court who said “no amount of spinning” could disguise self-regulation of lawyers had been a failure.
Speaking at the Justice Media Awards presentation ceremony last night, newly elected president of the Law Society James MacGuill rejected comments made by Edmund Honohan SC.
The Master of the High Court had hit out at the “systemic failure” of the Law Society, which he said led to the profession being let down by a few “rouge and negligent solicitors”.
But in an equally blunt statement, Mr McGuill said that he utterly rejected the “extraordinary” attack by Mr Honohan.
He said “knee -jerk reactions” would not solve the complex range of issues that are currently affecting the profession.
The greatest threat to the legal profession was not the form of regulation that applies, he said, but the perception that regulation is ineffective.

Law Society hits back at Honohan
independent.ie/national-news … 41280.html

I think that perception is about to clash heavily with reality in the courts.