A man accused of tricking investors and using hundreds of thousands of their dollars for his own ends has tried to plead guilty.
Russell Sandiford, 42, appeared in Sydney's Downing Centre Local Court representing himself against Commonwealth charges on Tuesday.
The former Reiwa-Capital director wanted the matter dealt with quickly.
"I wish to please enter an early guilty plea at the earliest opportunity," he said.
He said he spoke to a Legal Aid solicitor prior to appearing in court.
"He advised me to beg your honour to adjourn for a sentencing because I have some matters I need to sort out before," Sandiford said.
Magistrate Susan Horan noted his two charges of dishonest conduct in relation to financial products or services were strictly indictable charges and related to hundreds of thousands of dollars he allegedly took from investors but used for his own purposes.
"I need to be satisfied you've had adequate legal advice," she told Sandiford.
"I wish to plead guilty no matter what," Sandiford said.
Ms Horan said: "That's unusual."
Sandiford said he had been told Legal Aid had a three-month backlog.
A Legal Aid lawyer later appeared in court and said the wait was closer to three or four weeks.
"He did try and call quite late to get advice," the lawyer said.
"Can I ask who you are?" Sandiford said, before being informed by Ms Horan and the lawyer himself of his position.
"(He) is trying to assist so let's treat him with some courtesy," Ms Horan said, as the lawyer left for another matter.
Later, he returned, telling the court he needed to make it "very clear" he was acting in an "amicus" basis ("friend of the court", meaning he is not representing Sandiford or appearing as a party to the proceedings).
The entrance of an early guilty plea had been weighing on Sandiford's mind, the lawyer said.
Entering an early guilty plea entitles convicted criminals to a discount on sentencing.
Ms Horan clarified he can still receive the discount so long as he enters a plea before the matter moves to a higher court.
The lawyer said he was not a Commonwealth lawyer so could not defend Sandiford against the charges if he did receive a grant, but that he appeared eligible for Legal Aid "on the face" of his circumstances.
Sandiford allegedly duped 79 investors into giving him $459,489.70, the Australian Securities and Investments Commission said in a statement on Tuesday.
He allegedly told investors he would invest their money in two funds, an income fund and a hedge fund.
They did not have day-to-day control over either.
"The defendant represented to the investors that the investments would be used to generate a financial return or other benefit when in fact he did not use the funds for investment purposes, but rather for his own purposes and purposes unrelated to the (two funds)," documents filed with the court and seen by AAP stated.
The alleged scheme stretched from January 2020 until June 2022.
"At the time of offending, it is alleged Sandiford was not licensed to provide financial product advice," ASIC said.
Sandiford faces a potential 15-year prison sentence, a fine of three times the total value of benefits he allegedly gained, or $945,000 if it's less than that, ASIC said.
"Defendant indicates he wishes to plead guilty however I adjourn for legal advice," Ms Horan said.
She adjourned until April 18 after the lawyer checked with Sandiford the date was suitable.
"Yes, absolutely," he said.
