The director of an investment company who stole $4.7 million from investors - some of whom were family and friends - has admitted his guilt.
Evan Paul Cherry, the sole director of Albany-based Investment Solution Limited (ISL) stole investors' funds and made false statements in offer documents.
The 54-year-old, who lost name suppression earlier this year, appeared at the North Shore District Court today to plead guilty to four charges brought by the Serious Fraud Office (SFO).
Cherry, who brought a bag to court and hugged a supporter before entering the dock, was remanded in custody until December for sentencing.
SFO prosecutor Todd Simmonds laid charges that included some of the money being used for personal use and other amounts being paid to other investors.