A STRUGGLING financial advisor ripped off 37 clients to the tune of more than £1m, Chesterfield magistrates heard.
Malcolm Green admitted 42 charges of fraud, false accounting and obtaining money transfers by deception.
The court was told that the offences took place between 1992 and March of last year, involving sums ranging from £3,000 to £60,000.
Bill Taylor, prosecuting, said Green, 57, had a number of clients in the Alfreton area and he got into financial trouble.
“He was robbing Peter to pay Paul at one time. Later, that turned into forging financial documents to keep the business going.
“Eventually, he realised he could not go any further and handed himself in to police, who started a fairly large investigation,” said Mr Taylor.
He added: “In total 37 clients or victims, whichever you prefer to call them, have been identified. One has died and one is abroad. The totality involved is in excess of £1m.”
The court heard that Green falsely claimed customers’ money was being invested in companies including Prudential, Standard Life and Scottish Mutual.
District Judge Andrew Davison committed him to be sentenced at Derby Crown Court on February 24 and ordered probation service reports.
Green, of The Green, Swanwick, remains on bail.