Conrad Black's lawyer told jurors yesterday that prosecutors failed to produce victims or a "smoking gun" in 14 weeks of trial to prove the former media baron stole millions of dollars.

Edward Greenspan, launching his closing arguments in Lord Black's criminal fraud case, said the prosecution's main case seemed to be instead that Lord Black was guilty because he had accumulated great wealth. "In America, you do not convict people for being rich," Mr Greenspan said.

"The government is trying to distract you. . . you cannot hold it against him because he has a party with Michael Bloomberg, Henry Kissinger and Donald Trump as guests."

After a day in which Lord Black was called a liar and a common thief by prosecutors summing up their case, he seemed to relish his story being told to the jury.

Mr Greenspan told the jury: "Yesterday, the prosecutors asked you to make it matter to shareholders. We've been sitting here for 14 weeks - where are the shareholders? Where are the victims?, Mr Greenspan asked, referring to investors in Hollinger International Inc, the company that ran Lord Black's publishing empire and from which he and three co-defendants are accused of stealing $60 million (€44.70 million).

Instead, he said, "The government's main witness is a serial liar," a reference to David Radler, Lord Black's long-time former business partner turned government informer who pleaded guilty to a single count of fraud.

"Radler didn't show a planned scheme and he certainly didn't back it up with documents," Mr Greenspan said.

"David Radler is all they've got. The government didn't have a smoking gun because there isn't one."