Some victims of a real estate agent's investment fraud actually did quite well out of the "utterly chaotic" scheme, his barrister says.
Daniel Leslie Harris convinced his victims to roll their superannuation into a self-managed super fund from which he would withdraw the money for use in investment property.
He was found guilty of 115 counts of obtaining a financial advantage by deception in July following a four-month jury trial at Sydney's Downing Centre District Court.
Harris walked himself into the dock on Friday, previously being granted bail after being found guilty.
Prosecutors said Harris had targeted vulnerable, unsophisticated investors over eight years, and deceived them by saying there was a unit trust and trustee taking care of the money used for investments in property.
In reality, Harris was bankrupt, there was no trust or trustee and more than $1 million was lost and never recovered.
Victims thought they would have some traceability and transparency over where the money was and where it was going, crown prosecutor Giles Tabuteau said on Friday.
"(Harris) knew that would never happen and in reality he would control the proceeds," Mr Tabuteau said.
Defence barrister Todd Pickering said Harris was motivated by a desire to have the scheme turn a profit, both for himself and investors, and did not intentionally set out to deceive anyone.
"There were no apparent steps taken in an obvious matter to conceal anything," Mr Pickering said.
"It was utterly chaotic, there was no structure and there was no formality to it."
Mr Pickering said Harris may have been reckless, but maintained very strongly that he did not intend to rip anyone off.
On the contrary, some people had turned small investments into an ability to borrow more funds and improve their financial situation, Mr Pickering said.
"Notwithstanding they're victims … they did quite well out of it really," he said.
Judge Leonie Flannery reserved a decision on sentence, adjourning the court for two weeks and requesting further written submissions from the opposing legal teams on Friday.
"You're miles apart from each other and I need to sentence this man on a basis consistent with the jury's verdict," she said.
She reminded Harris he will be going into custody eventually before continuing his bail.
