A former Citibank executive lied to get millions of dollars out of his friends but always intended to pay them back, say his lawyers.
Defence counsel Andrew Speed told the High Court at Auckland yesterday that Graeme Kenneth Rutherfurd was suffering excruciating back pain and the effects of strong prescription drugs when he took the money and lost it to Nigerian fraudsters.
Prosecutor David Jones had said earlier while summing up that Rutherfurd was a slick, ruthless, cold-blooded swindler who duped close friends out of millions and was trying "the ultimate con" on the jury.
Rutherfurd is alleged to have milked $7 million from up to six men in 1997 and 1998 by telling them that their money was going into safe investments, then blew the lot in a fruitless bid to unlock a $US30 million ($65 million) fund in Africa.
The 57-year-old has denied 19 counts of using a document, three of obtaining by false pretences and one each of theft and forgery.
Mr Speed said Rutherfurd's intentions were a crucial factor in whether or not he was guilty. The jury should forget about the words used to describe his client and consider his state of mind and the fact that he was just as much a victim of the scam as anyone else.
He had gained nothing from sending the money to Nigeria, and could easily have fled to Europe and kept the money if he had wanted to.
"Mr Rutherfurd is not a swindler, he is a man of high moral integrity and he intended at all times to repay his debts," Mr Speed said. "He has lost everything: his farm, his funds, his friends and his reputation."
Mr Speed said the Serious Fraud Office had shown arrogance by failing to call any witnesses from Nigeria. Rutherfurd admitted lying about the destination of the money, but that was not enough to convict him. His intention had always been to reap huge profits for his friends.
But Mr Jones said Rutherfurd showed an extraordinary level of calculation, weaved an "incredible fabric of lies" and swindled the money only to benefit himself.
Rutherfurd left Citibank two years before the Nigerian deal started, citing a sore back. Among those he is said to have conned are former Business Roundtable member Paul Adams and former Electricity Corporation chairman John Fernyhough.
Justice Randerson is due to sum up this morning.
Fraud accused 'intended to repay friends'
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