Andrew Neville Hodgetts, a former finance manager for the Launceston Motor Group in Tasmania, has pleaded guilty to nine counts of fraud in Launceston Supreme Court.
The Tasmanian court heard that, between 2011 and 2016, while employed as a finance and insurance business manager for Launceston Motor Group, Mr Hodgetts asked colleagues to deposit about $500,000 into his personal bank accounts, which he then labelled as payments for customer loans.
According to the lawyers, he later went on to obtain loans worth more than $660,000 for car purchases that never existed.
In all, the Norwood man was thought to have fraudulently obtained around $1.2 million in loans, and have personally benefitted to the tune of $700,000, which went towards funding holidays and housing renovations, among other living costs.
Sentencing for Mr Hodgetts will be held on Thursday, 5 October.