NSW fraudster warned to prepare for jail

A fraudster with a gambling problem who swindled almost $4 million from superannuation accounts has left a Sydney court to enjoy his last weeks of freedom.

Luke Neckvoski will be going to jail when he returns to Sydney's District Court in mid November, he was told during sentence proceedings on Friday.

The softly-spoken former superannuation senior administrator earlier this year pleaded guilty to 39 fraud offences, which were discovered by a member of a fund he managed and confirmed in a letter he wrote to his employer admitting the theft of $3.9 million between 2006 and 2014.

The 53-year-old altered documents to funnel money from eight superannuation funds into his bank accounts, starting with smaller amounts.

Eventually, one member had been ripped off $2.4 million through 17 bogus transactions that Neckovski conducted to fund his drinking and gambling habits, the court heard.

Another member had $660,000 withdrawn in four transactions, with the remainder of the funds scammed in various amounts from six others.

Neckovski always moved less than $200,000 as this helped him avoid detection, crown prosecutor Jade Turner told the court.

He was finally caught last November and confessed in a letter to his employer.

"I Luke Neckovski admit to the fraud that occurred," the hand-written letter, seen by AAP, reads.

"I would help, if allowed, to determine the amounts as this has been ongoing for a number of years."

In the letter Neckovski says he turned to drinking and gambling to help cope with the stress of personal troubles, including a marriage break up.

"I turned to other avenues for solace," he wrote.

When he was being interviewed by police, Neckovski said he thought he had stolen about $2 million.

"I didn't realise the extent," he said while giving evidence on Friday.

He didn't buy any fast cars or fancy houses, or any assets that could have been sold to recover some money.

"All the money was withdrawn around gambling places," he said.

The members whose funds were stolen have all been reimbursed, the court heard.

Neckovski's lawyer Sarah Talbert said her client was remorseful and asked him: "You understand that you are going to prison in relation to these offences?"

"Yes," a red-faced Neckovski quietly answered.

After setting his sentence date for November 13, Judge Kate Traill offered some advice.

"Come prepared to go into custody," he said.