A bogus Sydney financial adviser who spent his clients' life savings to fund his gambling has been charged with the alleged fraud.
Police began investigating the man's Woollahra-based finance and investment company late last year after three people, all aged over 70, reported losing large amounts of their invested money.
It's alleged the 34-year-old sole director used the funds, valued at approximately $750,000, for gambling.
He was arrested on Tuesday after police raided a home on Old South Head Road, Vaucluse, seizing several documents.
The man was charged with three counts of dishonestly obtain financial advantage by deception. He was refused bail and will appear in Central Local Court on Wednesday.
His company has since been deregistered.
Investigations are ongoing and police have asked anyone with information to contact them.