Inspector Helga Debono, from the Anti-Fraud Squad, charged Dr Spiteri with misappropriating Lm102,000 to the detriment of Josie Theuma and Mario Abela in 2000 and the following years. Mr Theuma and Mr Abela had entrusted the money to Dr Spiteri.

Originally, the police had charged Dr Spiteri with fraud of Lm61,000 but later upped the amount to Lm102,000.

Mario Abela testified yesterday and said the whole thing started when he wanted to invest money that he had made from a property sale in shares. He spoke to his friend Josie Theuma who told him that Dr Spiteri had a good investment opportunity.

Mr Abela wanted to invest in Maltacom stocks but Dr Spiteri said the opportunity he had would make an 18 per cent profit. They therefore arranged that the money made from the first return of investment would be invested in Maltacom.

At the Police General Headquarters, Mr Abela had said Dr Spiteri was a capable and intelligent high-flyer. He said both he and Mr Theuma trusted the lawyer and decided to invest Lm61,000 and Lm41,000 respectively.

Mr Abela borrowed the money from the bank, passed it on to Mr Theuma, who in turn gave Dr Spiteri a global amount of Lm102,000. He said he insisted on getting a receipt and the receipt was issued two days later in Mr Theuma’s name.

After some time, Dr Spiteri informed the men that the investment exceeded his expectations and rendered a 22 per cent profit. When the three men met, Dr Spiteri told Mr Theuma and Mr Abela that the Lm102,000 had become £193,000. In his testimony, Mr Abela said this meant the profit rendered was of 26 per cent not 22.

Mr Abela expected £5,000 back and Mr Theuma wanted £12,000, while the rest of the money should have been invested in Maltacom. Dr Spiteri asked the men to give him a few days to make the necessary arrangements and in October 2000, he informed them that the Maltacom GDRs had been bought.

At this point Mr Abela started insisting on being given certificates as proof that the shares had been bought. The certificates allegedly were never given to him. Mr Abela said Mr Theuma had told him that Dr Spiteri told him the certificates would soon arrive and then postpone their appointment for a week.

In the meantime, Dr Spiteri told the men that with interest, the sum of £17,000 had become £18,650. Dr Spiteri insisted he give them the money gradually since he said he could not give them a lump sum.

In yesterday’s testimony, Mr Abela said he continued insisting to see the certificates and wanted to meet Dr Spiteri face to face. The meeting took place on 11 September 2001, when the Twin Towers in America were attacked by terrorists.

The two men decided to stop investing their money since the market was not stable, but did not tell Dr Spiteri of their decision. They continued insisting to see the certificates of their investment.

Dr Spiteri gave them a signed letter claiming he had bought a number of Maltacom shares, but still failed to produce the certificates they had asked for. He then came up with the idea for them to invest in another opportunity.

He suggested the shares he had allegedly bought be sold to some Italians at a high price and then be re-bought within the Maltese market at a lower price. Mr Abela and Mr Theuma found this proposal interesting since the shares would finally be in their name. This procedure would result in a Lm21,000 revenue.

Mr Abela said that after this development, Dr Spiteri paid them Lm15,000 over a period of two years. The payments stopped when the lawyer was being held in prison in connection with another case.

The witness said he waited for Dr Spiteri to be released from prison and then met him at a St Julian’s hotel. Mr Abela claimed that Dr Spiteri admitted that although the money was not invested in Maltacom, it was still a strong investment.

After all this, Mr Abela said Mr Theuma and Dr Spiteri had an argument and the lawyer allegedly told Mr Theuma, “you will not get a cent from me.” Mr Abela then filed a report at the Police General Headquarters and asked for Dr Spiteri to be investigated.

From Inspector Helga Debono’s testimony, it resulted that Dr Spiteri had allegedly invested the money in a film production company and a film called The Terrible Hours should have been shot in Malta. Inspector Debono said Dr Spiteri had claimed the money was going to be used in an investment in the name of Muscat Azzopardi Spiteri Associates.

Dr Spiteri told police that he was the director of various companies. He had offices in London and Milan and he was also the director of a Venetian bank.

At the end of the first sitting of the compilation of evidence against the lawyer, presiding magistrate Saviour Demicoli ruled sufficient evidence had been presented for a bill of indictment to be drawn up against the accused.

Dr Giannella Caruana Curran appeared for the accused while Dr Joe Giglio appeared parte civile for Mr Abela and Mr Theuma.