A MONEY lender accused of swindling millions from investors told a court he would not touch a crooked venture with a barge pole.
Darlington businessman George Steen, 54, allegedly targeted desperate money-seekers by offering good value multi-million pound loans.
He is accused of setting up meetings before tricking customers by pulling out of deals at the last moment.
When applicants were unable to provide large amounts the schemes were terminated, Southwark Crown Court was told yesterday.
It is claimed that Mr Steen, of Hanover House, Victoria Road, set up the scams with Dennis Alexander, 47, and David Andrews 38, both from East Sussex.
Richard Latham, prosecuting, asked Mr Steen if he saw any problems with the enterprise.
Mr Steen said: "There was nothing wrong with the programme. The programme does work." But Mr Lathan said: "It was a 100 per cent failure. None of the applicants got their money.
"As you have said, if you thought it was at all dishonest you would not have touched it with a barge pole."
Mr Steen replied: "Yes."
The court heard how Steen and his agents encouraged more than 100 victims from across the world to invest. Potential applicants would contact them for the loan and fly to England to meet the gang after spotting adverts in local newspapers.
It is claimed the three ensured clients invested heavily in the venture by delaying the paperwork and calling for extra meetings.
All three deny conspiring to defraud between January 1, 1996, and June 6, 1999.
The trial continues.
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