Former Arck partner Kathryn Clark has pleaded guilty to two counts of forgery at a hearing at Southwark Crown Court.
Clark and another former Arck partner Richard Clay are facing a total of six counts relating to fraud and forgery. Clay pleaded not guilty to all six counts.
The plea and case management hearing took place earlier today.
Bail conditions mean both defendants have been tagged and are subject to curfew.
The full list of charges was set out at Westminster Magistrates Court in November.
Between 16 January 2007 and 1 August 2011, Clark and Clay are accused of making representations to investors of the Estrela Santiago Sale and Repurchase Agreement Contracts, known as Sarps, which they knew were or might be misleading.
The duo have also been accused of making a false statement relating to funds held in the Yorkshire Bank account by suggesting it had a balance in credit of £13.75m when it was £25.87.
The third charge relates to fraud by false representation. Between 16 January 2007 and 1 August 2011, Clark and Clay are accused of making representations to investors which they knew were or might be untrue or misleading in relation to the Paradise Beach Sarps.
The fourth charge states that between 1 October 2008 and 3 March 2012, Clark and Clay falsified a signature related to a Paradise Beach Sarp.
Fifthly, between 16 January 2007 and 1 August 2011 Clark and Clay are accused of misleading investors of the Joyston Alternative Asset [No 4] Limited Offering Redeemable Preference Shares.
Finally, Clark and Clay are accused of creating a false life settlement policy analysis summary that purported to show the true investments made by Joyston. It is alleged that no such investments were actually made.
The trial is listed for 12 January 2015 at Southwark Crown Court.