A man who allegedly defrauded elderly victims of hundreds of thousands of dollars and gambled it all away has been refused bail in a Sydney court.
Edward Charles Toller, 34, allegedly posed as a financial adviser and convinced people aged in their 70s and 80s to give him $745,000 to invest.
He was arrested on Tuesday after police raided a Vaucluse home in Sydney's eastern suburbs and seized several documents.
Police allege Toller deregistered his Woollahra-based finance and investment company in October 2016 even as funds were still coming in from his victims, and spent the money on personal shopping and gambling.
The police charge sheet states three victims transferred $35,000, $310,000 and $400,000 to Toller from 2014 to March 2017.
Central Local Court heard on Wednesday that Toller admitted he has a gambling problem and confessed to detectives: "I would say what I've done is completely illegal."
Police seized both his British and Australian passports and his solicitor told the court he would stay away from casinos, hotels and online gambling, and refrain from doing any business outside the household budget.
But magistrate Greg Grogin said the lure of leaving the country would be too great, and a jail sentence too likely, to grant Toller's release.
"Too bad he wouldn't be attending to the financial affairs of his victims," Mr Grogin said.
The court heard Toller was on good behaviour bonds for dishonesty offences at the time of some of the alleged frauds.
He was refused bail and is due to reappear in Central Local Court on July 11.