Conrad Black and three other former Hollinger International executives “systematically stole” $60m from shareholders and then concocted an elaborate but “phoney” paper trail to cover up their crime, assistant US attorney Julie Ruder told jurors on Monday as prosecutors made their final push to convict the former media baron.

Lord Black stole the money, Ms Ruder suggested, to help finance his lifestyle, including gifts he bestowed on his wife, Barbara Amiel, such as a $2.6m Graff ring and shopping trips to Yves Saint Laurent and other luxury boutiques.