An Auckland businessman already jailed for fraud today pleaded guilty during a separate trial to using investor funds to repay other clients, to try get a $US20 million loan and for his own purposes.
After giving evidence at his trial, 41-year-old Mark James Whelan today pleaded guilty to 10 Crimes Act charges - three of theft by person in a special relationship and seven charges of false statement by promoter.
Whelan's trial began in the Auckland District Court last month.
The Serious Fraud Office, which brought charges against Whelan, said they related to his involvement with options trading company Derivatek New Zealand Limited and his own company, Global Futures Trading.
From mid-2007 until February 2009, Whelan used this company to obtain funds from high net worth individuals to be traded through Derivatek, the SFO said.