Investment fraudster pleads guilty

William John Jones, of Blue Haven, was charged with misappropriating the funds in January.

Mr Jones appeared before Downing Street Local Court in Sydney on 15 April 2014 and pleaded guilty to two counts of fraudulent misappropriation.

The charges relate to $260,000 that Mr Jones obtained from two investors in 2006, allegedly for the purpose of share trading. Instead he used the money for his own personal benefit.

ASIC alleged at the time that Mr Jones told the investors, who lived in the NSW Central Coast, that he had set up a safe share trading investment scheme that would provide them with reliable returns of between 12 per cent and 30 per cent per annum.

It was alleged that Mr Jones did not invest the $260,000 for investment purposes but instead used the funds for his own personal benefit.

Mr Jones' bail was extended and he is required to appear at the Downing Street Local Court on 2 May 2014 for a sentencing hearing.

The NSW Commonwealth Director of Public Prosecutions is prosecuting the matter.