Former investment adviser Mark Taylor yesterday pleaded guilty to the South Australian District Court over 63 charges relating to the 1998 collapse of Queensland investment scheme, Wattle Group.
The charges relate to the loss of $1.2 million worth of investors' funds.
Taylor, who is a principal of gold miner Golconda Resources, had originally been bailed to appear before the South Australian District Court in early 2002 following an investigation by ASIC.
However, he skipped the country and a warrant was issued for his arrest.
Authorities eventually tracked him down to Malaysia in January 2007. He was remanded in custody and will receive his sentence on August 9.
Wattle Group was an unlicensed investment scheme that raised more than $160 million from more than 2,700 investors across Australia until 1998.
It was run by Geoffrey Dexter who obtained unsecured loan funds from investors on the promise of high rates of return.
Dexter was convicted of multiple fraud charges and jailed for 10 years in May 2001.
The total amount of money invested in the Wattle scheme through the Golconda scheme was about $7.9 million.
Taylor's colleague Ian Snook, a fellow principal at Golconda Resources, was sentenced to two years imprisonment in October 2003.
