A former Coffs Harbour mortgage broker is facing years behind bars after pleading guilty to swindling $5.8 million of clients' cash.
Yesterday Dominic Cincotta admitted to seven fraud charges brought by ASIC in Sydney's District Court.
Three charges totalling $690,000 will be taken into account on sentencing.
Cincotta is alleged to have misappropriated $5.8 million from nine clients based in Sydney and Coffs Harbour, an ASIC investigation found.
Cincotta allegedly deposited the cash in accounts he controlled, including into a Perpetual Investment Management Limited Cash Management and a St George Bank account, the watchdog alleged.
Clients believed they had invested in Perpetual Trustees Australia accounts such as a mortgage offset account, a bricks and mortar fund, a fixed mortgage investment account or an investment deposit account.
The allegations relate to events that occurred between November 1998 and December 2004.
Cincotta faces a maximum penalty of five years for each count of dishonestly obtaining a financial advantage and seven years for fraudulent misappropriation.
The charges account for 15 of the original 23 counts brought by ASIC. The remaining eight charges were withdrawn.
Cincotta will appear in Sydney's District Court on October 26.
The court reinforced Cincotta's bail conditions by placing him on reporting obligations.
