Prosecutors at the Lord Black criminal trial have rested their case against the media mogul after 11 weeks of evidence in a Chicago court room.
Lord Black faces a possible 101 year jail sentence
It is now up to his defence team to convince the jury he did not steal $60m (£30.4m) from Hollinger International.
Without explanation, prosecutors have also dropped a single count of money laundering against Lord Black.
He still faces 13 other charges including fraud and tax evasion, all of which he denies.
In total he is now charged with nine counts of fraud, one of obstruction of justice, one of racketeering or running an organised crime, and two of tax evasion.
If found guilty on all counts, Lord Black, 62, faces a jail sentence of up to 101 years.
Nine counts of fraud
One of obstruction of justice
One of racketeering
Two of tax evasion
Federal prosecutors allege Lord Black
Fraudulently received non-compete fees from the sale of Hollinger assets
Deprived the company of his honest services
Repeatedly benefited himself at the expense of the company and its public shareholders through the abuse of company perks
Other executives on trial
John Boultbee - former chief financial officer
Peter Atkinson - former general counsel
Mark Kipnis - former corporate counsel and secretary
His three co-defendants, all former executives at newspaper firm Hollinger, face lesser charges.
Lord Black and the three others are accused of enriching themselves at the expense of shareholders by pocketing payments made during the sale of hundreds of Hollinger's community newspapers.
Lord Black is also accused of abusing corporate perks, such as using the company jet for personal reasons, and spending company funds on everything from a luxury Manhattan apartment to lavish birthday parties for his wife Barbara Amiel.
The jury is expected to begin its deliberations in late June.
Canadian-born Lord Black became a British citizen in 2001, enabling him to become a member of the House of Lords.
Through Hollinger he took control of a number of well-known newspapers including the Daily Telegraph and Chicago Sun-Times.
The Daily Telegraph has since been sold, and Hollinger has been renamed Sun-Times Media.