A holiday park owner "knew perfectly well" that chalets he was selling as permanent homes only had planning permission to be used for holiday purposes, a court has heard.
William Flannigan, 51, is alleged to have mis-sold properties at Lakeminster Park in Beverley.
Hull Crown Court heard that as a result of his actions tenants faced losing their homes.
Mr Flannigan, from Cheshire, denies 10 counts of fraud by misrepresentation.
David Gordon, prosecuting, told the jury that Mr Flannigan, of Stanneylands Road, Wilmslow, "deliberately made untrue statements over a period of a number of years".
"In doing so he made significant financial gains," Mr Gordon said.
"Consequently alleged victims stand to lose their homes and in many cases have been evicted and made homeless in their later years."
The park on the outskirts of the town was home to about 200 pensioners.
East Riding of Yorkshire Council took action to evict the residents of the 76 properties after the authority rejected retrospective planning permission in 2012.
The trial is expected to last eight weeks.