Ex-GP Noble trustee Graham Pitcher has appealed his eight year prison sentence for his role in a £52m pension fraud.
Pitcher was jailed in 2011 for conspiracy to defraud for his involvement in the misuse of pension scheme funds managed by GP Noble Trustees.
However, Pitcher launched an appeal last month on the grounds of new evidence which came to light during the trial of GP Noble principal Tony Morris, who was acquitted.
David Farrer QC, for the prosecution, said Pitcher's legal team claims if documents uncovered during Morris' 2012 trial had been available to the jury that tried Pitcher, the jury may have believed Morris was aware of Pitcher's fraud or even implicitly involved.
Farrer said he expects a verdict by the end of January.
GP Noble was an independent trustee company which administered several large occupational schemes, many of which were associated with companies that had collapsed.
In August 2007, when Pitcher was principle director of the company, he removed £30m from six of these schemes' funds from UK investment houses and reinvested them in a new British Virgin Island company, Fareston Limited, without consulting any other GP Noble directors.
Pitcher then used the funds for fraudulent purposes including large unwarranted fees and loans.
He took a further £22m of funds from the schemes in April 2008, investing them in three-year bonds issued by another British Virgin Islands company, Multiple and Unilateral Financial Futures (MUFF). These were then used for high-risk, speculative investments such as Thai property developments, with much of the investment swallowed up in loans and fees.
The Pensions Regulator (TPR) removed GP Noble as a trustee of all the schemes it administered in July 2008.
The Serious Fraud Office (SFO) successfully argued during Pitcher's trial that he received substantial personal benefit for his role in the fraud.
Succeeding co-founder Simon Rogerson
Janus Henderson Global Dividend Index
More than 10 million shares allocated
Long-term strategic holding
What made financial headlines over the weekend?