A former adviser has pleaded guilty to 24 counts of fraud at Newcastle Crown Court.
Alok Dhanda entered the plea at a hearing on Friday and is due to be sentenced on 19 December.
He ran advice firm Dhanda Financial until August 2013 and held a variety of permissions through Tenet. He then worked at Truly Independent from September to November 2013.
At a hearing in April where Dhanda was charged with 13 counts of fraud, he was accused of organising a £600,000 fraud to fund his gambling habit.
The prosecution argued Dhanda convinced clients to invest in property in India but instead put the money toward paying off debts of over £1m.