NSW man pleads guilty to $1 million fraud

A former financial adviser from Sydney has pleaded guilty to dishonestly obtaining more than $1 million in loans using clients' funds.

Darren Wise committed the crimes over a nine-year period, from 1997 to 2006, while he worked at Financial Planning Services Australia, which he owned for eight years until 2008.

Wise, from the Sydney suburb of Rhodes, used the money for his own purposes.

Wise pleaded guilty in Queensland's Maroochydore Magistrates Court to charges of fraud and forgery, which carries a maximum sentence of 24 years behind bars, the Australian Securities & Investments Commission (ASIC) said on Friday.

He has been granted bail with the case returning to the court for a sentence date to be fixed.