The trial of millionaire Isle of Man businessman Trevor Braines has been told he arranged the transfer of $150 million to banks the Island, which were the proceeds of a large scale fraud on United States investors.

Mr Baines, of Africa House in Douglas, faces one count of money laundering and, with his wife Wendy, a second of false accounting. They deny the charges.

After a delay of nearly a week, their trials began at Douglas Courthouse this morning.

Outlining the prosecution case, David Farrar QC told the jury Mr Baines acted as a professional company trustee and, in that role, was involved in handling and investing large sums of money for his clients.

One of those was a US software firm AremisSoft, whose Greek businessmen directors had falsely inflated the value of the company, presenting grossly misleading reports to New York financial markets.

The deception allowed Lycourgas Kyprianou and Roys Poyiadjis to make large profits when they sold their shares.

Mr Baines is alleged to have arranged the transfer of Mr Poyiadjis's gains of $150 million to banks in the Isle of Man, when he would have known or suspected those funds were the proceeds of criminal activity.

The prosecution case continues.