Gordon Gekko quoted in fraud trial
GORDON Gekko's infamous 'greed is good' mantra has been likened to the motives of an alleged fraud victim.
A barrister for one of two men accused of fraud invoked the fictitious Wall Street greed merchant on Monday.
Erwin Walter Filler and Rahoul Ray pleaded not guilty in Brisbane District Court to eight fraud charges each.
They are accused of deceiving Sunshine Coast man Wilhelmus van Zetten and his wife about the sale of Yalanga Station in 2010-11.
The two men are accused of tricking Mr Van Zetten into paying $900,000 to a bank, and conning him into buying overvalued or worthless stock.
Brisbane District Court was told Mr Van Zetten's company, Suncoast, on one occasion paid $535,000 to Mr Filler and Mr Ray's companies.
That payment is also alleged to have been dishonestly induced, as was a $1.298m stamp duty payment.
The court heard the two men on trial were accused of encouraging the Van Zettens to buy stocks in Nexis, a company listed on the Frankfurt Stock Exchange.
The Crown said Mr Ray told the Van Zettens that Commonwealth Bank agreed to fund a loan for Nexis to seal the Yalanga deal, but the bank had tightened its lending criteria.
The Crown said Mr Van Zetten was then deceived into thinking a "bridging loan" was needed when it was not.
But Mr Filler's barrister Greg Maguire referred to Gordon Gekko, saying Mr Van Zetten saw dollar signs in his eyes and stood to become "obscenely rich" if the deal had worked out.
Mr Maguire said Nexis was a "start-up" company that planned on turning waste products into buildings.
After quoting the Wall Street antagonist who declared "greed is good", Mr Maguire said Mr Van Zetten got $5.4m cash and 17 million shares for land that eventually sold at market for just over $4m.
"He was very keen to do the deal. Nexis threatened on a number of occasions to withdraw from the deal."
"Mr Van Zetten ended up accepting paying the stamp duty of $1.3m."
Mr Maguire said Mr Van Zetten had owed Westpac $11.3m and had a house on the canal at Noosa and multiple properties including one in Aspen, Colorado.
"At the end of the day, this was just a business deal that went wrong."
This was "bad luck" and not fraud, Mr Maguire said.
Judge Julie Dick said the trial before a jury was expected to last two weeks. -NewsRegional