Carl Cushnie made millions by defrauding investors in trade finance firm Versailles, it was claimed yesterday, as the case surrounding the collapsed company neared completion.
"He used money obtained as a result of the fraud and he lives, as a result of the fraud, as a very rich man," said Anthony Evans QC in his closing statement for the prosecution.
Mr Cushnie denies defrauding the company of Ј36m. His former finance director, Fred Clough, has already pleaded guilty to fraud.
Yesterday Mr Evans told Southwark Crown Court that the Serious Fraud Office (SFO) estimated Clough's spoils at Ј19m, but said Clough himself had lost track of how much money he made.
Mr Evans disputed the defence's claim that Mr Cushnie had been duped by Clough.
