A former director of unlicensed Sydney financial services, Pegasus Leveraged Options Group, has plead guilty to stealing $2.1 million from clients.
Craig John McKim of Labrador, Queensland, admitted to three counts of funnelling the money into various gaming accounts, and four counts of falsifying documents to make the Pegasus scheme appear genuine.
McKim will be sentenced for the offences, which occurred between July 2000 and March 2001, in Sydney District Court on August 26.
The charges against McKim followed an investigation by the Australian Securities and Investments Commission, which originally wound up Pegasus in April 2002.
McKim, who remains on bail subject to strict conditions, has also been banned from being a company director for 30 years.
