Fraud charges after bid to keep big deal 'alive'
A LANDOWNER says he agreed to proposals two alleged fraudsters made because he wanted to keep alive a multimillion dollar deal.
Erwin Walter Filler and Rahoul Ray have pleaded not guilty in Brisbane District Court to eight fraud charges each.
They are accused of deceiving Sunshine Coast man Wilhelmus van Zetten over the sale of Yalanga Station.
On Tuesday, Mr Van Zetten was asked about issues including a $1.298 million stamp duty payment he made.
Mr Van Zetten said he paid the stamp duty even though the buyer normally did.
He said he did not at first want to pay stamp duty but agreed, "to keep the deal alive".
The Crown has claimed Mr Filler and Mr Ray tricked the Yalanga Station owner into paying $900,000 to a bank.
The two men are also accused of conning Mr Van Zetten into buying overvalued or worthless stock in Frankfurt-listed company, Nexis.
Prosecutors say the Nexis stock was basically worthless.
"I was led to believe the shares were of good value and it seemed commercially okay at the time," Mr Van Zetten said.
On Monday, Mr Filler's barrister Greg McGuire said Mr Van Zetten "was very keen to do the deal" in 2010-11 and had owed Westpac $11.3 million.
Mr McGuire referred to Wall Street antagonist Gordon Gekko, saying Mr Van Zetten stood to become "obscenely rich" if the deal worked out.
After quoting the character who declared "greed is good", Mr McGuire said Mr Van Zetten got $5.4 million cash and 17 million shares for land that sold at market for just over $4 million.
But Mr Van Zetten said he was led to believe shares he got would allow him to settle his debts with Westpac.
The Crown has also said Mr Van Zetten was deceived into thinking a "bridging loan" was needed when it was not.
The trial continues. -NewsRegional