A former director of failed Gisborne finance firm Rockforte has pleaded guilty to nine fraud charges.
Rockforte Finance was placed into receivership in May 2010, calling on the Crown Retail Deposit Guarantee Scheme to repay $3.2 million to 77 mum-and-dad investors.
Receivers said in December last year that the Government was likely to recover less than 3c in the dollar and unsecured creditors - owed $234,070.67 - were likely to get nothing back.
After a 13-month investigation the Serious Fraud Office laid 92 charges against three men involved with the company.
One of the men, 52-year-old former banker Colin Mark Simpson has pleaded guilty to nine charges, including those for theft by a person in a special relationship, obtaining by deception, and false statement by promoter.