Ex-financial adviser Malcolm Green admits £1m fraud
A former financial adviser from Derbyshire has admitted duping clients out of more than £1m.
Malcolm Green, 57, of The Green, Swanwick, took money and told clients it was being invested with major firms.
He admitted 19 counts of fraud by abuse of position and 20 counts of obtaining a money transfer by deception.
He also admitted three counts of false accounting at North East Derbyshire and Dales Magistrates' Court. Green is due to be sentenced on 24 February.
The court heard the charges followed a police investigation into Pinxton-based MG Financial Services.
Bill Taylor, prosecuting, said Green took money from clients, many from the Swanwick, Alfreton and Pinxton areas of Derbyshire, and told them it was to be invested in companies such as Prudential, Scottish Mutual and Standard Life.
"He got into financial difficulties. There was a time when he was sort of robbing Peter to pay Paul.
"Later that turned to forging documents of a financial nature to keep the business going.
"He got to 2011 and realised he could not go any further and handed himself into the police, and the police started what was a fairly large investigation," Mr Taylor said.
The court heard some of the offences dated back to 1992.
Green was released on bail until sentencing.