Following an investigation by the Australian Securities and Investments Commission, Thanh Quoc Tu, advised the Brisbane Magistrates Court, through his lawyer, of his intention to plead guilty to the charges, ASIC said.

Tu is charged with 33 counts of fraud and 21 counts of fraudulent falsification of records. They carry a maximum penalty of 12 years jail.

It is alleged that, between September 2008 and September 2013, Tu, while an employee of Patersons Securities Limited in Brisbane, misled 18 separate individual clients to invest a total of A$9.179 million . His alleged conduct included providing false documents such as certificates of investment.

Tu, of Melbourne, was released on conditional bail and the matter will be mentioned on a date to be advised in the Brisbane District Court, ASIC said in a statement.