PORTLAND — Federal prosecutors and defense attorneys gave their closing arguments Friday in the trial of three Central Oregon business owners charged in wire fraud and money-laundering conspiracies.

Jurors are expected to deliberate Monday.

Mark Neuman, of Bend; Timothy Larkin, of Redmond; and Lane Lyons, of Bend, have been on trial since June 10, accused of misleading clients for nearly a decade by investing their money in personal real estate deals, business loans and loans to friends and family members through their Bend company, Summit 1031 Exchange.

Neuman and Brian Stevens founded Summit in 1991. The business helped clients defer capital gains taxes when selling property for a profit. Sellers can defer taxes by temporarily giving their sale proceeds to a company like Summit, then reinvesting them in similar property within 180 days. The process is called a 1031 exchange.

Stevens pleaded guilty to identical charges last year and is serving a four-year prison term.

Assistant U.S. Attorney Seth Uram said Friday that Neuman, Larkin and Lyons acted in a “conspiracy” by withholding the investment activity from clients and most other Summit employees. Uram said the owners invested $75 million in client money, mostly in purchases of Bend-area real estate by Neuman and Stevens.

“Mr. Larkin and Mr. Lyons in some ways were less involved,” Uram said. But “in a conspiracy, if you’re in it a little bit, you’re in it all the way.”

Emily Simon, an attorney for Neuman, said the three defendants committed no crime because federal laws didn’t regulate how exchange funds could be handled during the 180-day period until mid-2008, several months after Summit stopped investing exchange funds.

“As they saw it, as the law saw it, their only obligation was to fund the (client’s) exchange at the end,” Simon said. “There was no restriction on the interim.”

Nor was there any intent to defraud clients, said Janet Hoffman, an attorney representing Larkin. The money was returned to clients when they needed to finish their exchanges, up until Summit’s December 2008 bankruptcy. More than 90 clients lost $13.7 million at the time of the bankruptcy.

Assistant U.S. Attorney Donna Maddux said the crime was to represent in brochures and on the company’s website that client funds were held in bank accounts and government-backed securities, concealing the personal investments.