A solicitor who helped to cheat Oldham Sixth Form College out of £730,000 to buy gold bars is on trial at the Old Bailey.
Andrew Wormstone, 43, of Ashworth Road, West Yorkshire, denied the charges of concealing £2,634 and transferring almost three quarters of a million in March 2011.
The lawyer was arrested after moving the money to another account that was used to buy gold bullion instead of going to a builder.
Prosecuting lawyer Martin Hooper said the money went to Wormstone’s law firm Velocity after the college received a letter claiming the builder had changed his bank account.
But two days later, the majority of the funds had been transferred to an account of untraceable ‘Mr Marshall’.
Mr Hooper said: “We do not assert Mr Wormstone was directly involved in defrauding the college. His role takes place a slightly different time from that.”
Wormstone claimed he acted in good faith and the £2,634 was payment for his fees for performing on behalf of a client who wanted to invest in gold.
He admitted that he should have asked to see originals of identity documents.