The prosecution painted Conrad Black and his co-accused as fraudsters who systematically committed theft from Hollinger International shareholders as closing arguments began in the former media baron's trial.

"It was stealing, plain and simple," Assistant U.S. Attorney Julie Ruder told the jury in Chicago on Monday.

The accused took a "slice of their company's profits" and "created a phony paper trail to make their actions appear legitimate," she argued, walking the jury through a complex deal involving the sale of newspapers.

"Did they try to cover their steps? That's exactly what they have done," said Ruder. "It is your job to expose the cover story for the lie it is."

Black and former Hollinger vice-presidents John Boultbee and Peter Atkinson are accused of devising a scheme to improperly pocket millions of dollars in fees in exchange for promising not to compete with buyers of Hollinger publications.

Mark Kipnis, a lawyer for Hollinger, is also on trial, accused of facilitating the alleged fraud.

The accused have denied any wrongdoing and claim they did properly report any non-compete income.

"We are not here because somebody made a mistake," said Ruder. "We are here because five men systematically stole over US$60 million from the shareholders of Hollinger International."

She added that in one case, "Conrad Black was paying himself not to compete with himself. It's ridiculous."

Prosecutors say by taking the non-compete fees and not telling the Hollinger International Inc. board, the defendants cheated shareholders. The company did get the bulk of the money, but much of it -- which is tax-free in Canada -- went to Black, other executives and two Canadian companies owned by Black.

Ruder suggested Black did so to pay for his lavish lifestyle. The jury had heard about use of the company jet for a holiday in Bora Bora and about an extravagant birthday party for the accused's wife, Barbara Amiel Black, that was partially billed to the company.

"Ladies and Gentlemen, the goose was Hollinger and the golden egg was the money he was stealing from shareholders. And it wasn't his money," she said.

"This was a home run for the prosecution today, definitely," said Hugh Totten, a lawyer with Chicago firm Perkins Coie. "She took something very complex and broke it down for the jury in a way that needed to be done."

He said Ruder is the prosecution's "secret weapon" because she has real rapport with the women on the jury. "I think they admire the job that she's done, and she's done a better job than many of the lawyers in that courtroom. And I think just because of that connection, she's got the advantage now."

Eleven of the 15 jurors are women, and at least eight will be on the final panel when deliberations begin.

As he left court for the day, a tense-looking Black muttered to reporters, "We'll try this case in the courts."

Radler

Central to the prosecution's case is the testimony of Black's former business partner David Radler.

Radler -- who has already pleaded guilty to one count of fraud -- testified that Black and the other three co-defendants used part of the non-compete payments as bonuses to themselves.

Black's team has attacked Radler's credibility as a witness, claiming he is providing the testimony he believes prosecutors want to hear, in order to avoid a lengthy prison sentence.

Totten said Ruder needed to turn the jury's attention away from doubts about Radler. "She needs to identify and explain the broad foundation of the evidence in this case," he said.

To that end, Ruder attacked a claim by Edward Greenspan, Black's Canadian attorney, that the audit committee of Hollinger International's board of directors approved the non-compete payments at a Sept. 11, 2000 meeting.

Greenspan claimed after first approving them, the audit committee "conveniently forgot" when people criticized the payments.

"There is nothing, no evidence, nothing at all to suggest Mr. Greenspan's allegation," Ruder said, almost shouting.

Witnesses like former Illinois governor James Thompson, who chaired the audit committee, say they only "skimmed" some documents.

While Thompson and others failed shareholders, "the biggest failure of Governor Thompson and the other members of the committee is that they trusted these guys too much," Ruder said, nodding to the defendants.

Judge Amy St. Eve has set aside the entire week for closing arguments.

Ed Genson, Black's Chicago lawyer, will close for his client and not Greenspan, although the latter will address the jury. Totten saw that as a good move.

"I think Ed Genson has exactly the right tone they need," he said, noting Genson has a folksy, humorous style in the courtroom. Greenspan was very aggressive during the trial.

The prosecution will have a 'right-of-reply' after the defence finishes their closing addresses. Jury deliberations will likely get underway next week.

In a surprising development in court on Monday, proceedings began without one of the female jurors. It's unclear why the juror, who was described as a diligent note-taker, was not present.

With the latest juror's departure, there are 12 jurors and three alternates.

With a report from CTV's Joy Malbon and files from The Canadian Press

• Read CTV commentator Steven Skurka's blog, The Crime Sheet