A Sydney man has faced court accused of swindling elderly people out of their savings while posing as a financial advisor.
It’s alleged Edward Toller took nearly $750,000 from clients and then blew it all on gambling.
Mr Toller is accused of stealing $35,000 from a woman in her 70s, $400,000 from a 70-year-old man and $310,000 from an 85-year-old.
Police raided his home in Vaucluse on Tuesday for any signs of cash.
In court today the prosecutor told the magistrate he allegedly confessed to spending all the money.
The magistrate took into consideration that Mr Toller allegedly told police, “what I’ve done is completely illegal.”
Mr Toller’s lawyer argued for bail, and said he needed time to attend to his own financial affairs and look after his family.
But the magistrate said that it was too bad that he wouldn’t be out to look after the financial affairs of his victims.
He will be back in court in two weeks.