Mr Palmer's companies including Mineralogy claim Sam Iskander forged legal service invoices worth millions of dollars.
Brisbane Supreme Court Justice Melanie Hindman previously granted an emergency injunction to freeze multiple accounts linked to Mr Iskander, including a solicitor's trust account.
As a civil trial opened on Tuesday, she was told a forensic accountant had studied Mr Iskander's alleged transfer of money from a solicitor's trust.
"A total of $34.272 million has been misappropriated," Mineralogy's barrister Brian O'Donnell KC said.
Mr O'Donnell sought an order to award Mineralogy equity in several multi-million-dollar properties in Queensland and Victoria, including the Brisbane riverside suburb of Westlake and the prestigious Paddington area.
"All but two of the properties were acquired 100 per cent with the use of money Mr Iskander took from funds in trust," Mr O'Donnell alleged.
One of the properties had had $4 million in improvement works since the purchase, Justice Hindman heard.Â
Mr Iskander, who has since been declared bankrupt, and his various companies and trusts have been listed as respondents in the civil case.
None of the respondents attended or had legal counsel present in court on Tuesday.
The allegations against Mr Iskander have not been tested in a criminal court.
Mineralogy would be able to deal with the liquidator of Mr Iskander and arrange the sale of court-awarded properties, Mr O'Donnell said.
"I'm told there are assets in the bankruptcy case to be negotiated including gold (bullion)," Mr O'Donnell said.
Justice Hindman previously heard Mr Iskander had surrendered his legal practising certificate.
Mr Iskander represented Mr Palmer in the voluntary administration of his nickel refinery and failed High Court bid to re-register the United Australia Party before the last federal election.
He also worked on Mr Palmer's appeal against a $1.5 million copyright infringement lawsuit over using the song 'We're Not Gonna Take It' in political advertising and sent comedian Jordan Shanks a $500,000 defamation threat over his friendlyjordies YouTube channel.
Justice Hindman reserved her decision.
