updated 2/23/2008 10:19:33 AM ET 2008-02-23T15:19:33

A defense attorney in New York City said her client believed he was rightfully entitled to the $2 million he's accused of stealing from a bank account managed by someone with the same name.

Attorney Julie Fry said Benjamin Lovell "didn't intend to steal from anyone." She said he'll explain in court what the bank told him that led him to believe the $5.8 million account was his.

The 48-year-old Brooklyn salesman has been arrested on grand larceny charges. A judge lowered his bail Friday from $1 million to $10,000 in cash.

Authorities said Lovell spent the misbegotten money on jewelry, cash gifts to friends and failed investments.

The account belonged to a trust, and a different Benjamin Lovell was a signatory on it.

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