A North Shore businessman has pleaded guilty to more than 50 fraud and forgery charges totalling more than a million dollars.
John Cutten was exposed two years ago by an investigation by TV ONE's Fair Go, and was told by a judge last week he had no defence for his actions.
He was told if he did not plead guilty to the charges he would be "burying his head in the sand like an errant ostrich".
Cutten invented an investment trust, apparently more than 200 years old, and offering 50 per cent minimum return, 'guaranteed'.
Crown Prosecutor Zannah Johnston said he promised huge returns to his investors who were friends and close family.
"He would inform them there were no brochures or internet websites and instead investors were privileged to be invited," she told the court.
"He told them that the fund was secretive because of the lucrative investment earnings capabilities."
Among the victims of the fraud were Barbara Charnley, from whom he took $91,000, and his own cousin Bryan Cutten.
"To me it seemed too good to be true," he told ONE News.
"I questioned it, but he was my cousin. If you can't trust family, well what have you got?"
Cutten had even claimed a member of the British House of Lords was the chairman of the fake trust.
He had taken Lord St John of Bletso's signature from the internet.
Cutten's trial was due to start tomorrow, but police are glad his victims have been spared the pain of re-living their ordeals.
So far only around $95,000 has been returned to victims. Cutten will be sentenced in February.
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