An 85-year-old former Nasa scientist has admitted defrauding investors and using some of the proceeds to buy a house.
John Burford generated more than 拢1 million from 100 investors through his illegal practices, but only 拢760,000 was ever traded 鈥 much of which was lost.
Substantial amounts of the money investors sent him was actually used to buy his own home, a court heard.
Burford appeared at Westminster Magistrates鈥 Court on Friday wearing a brown jacket, grey trousers and brown boots.
He admitted fraud by false representation and carrying on a regulated activity when not authorised between January 2020 and December 2023.
He has a PhD in physics from the University of Toronto and worked for Nasa in its manned Mars exploration team based in Washington DC, before moving into finance, his biography on publisher Pan Macmillan鈥檚 website says.
Prosecutor Tom Godfrey told the court Burford set up a scheme which sent subscribers daily email alerts with investment opportunities.
He traded 拢760,000 worth of the money generated, but 鈥渓ost significant sums鈥, Mr Godfrey said.
鈥淗e used substantial amounts of the money received to buy his own home,鈥 he added.
The former scientist, who now lives in Mansfield, Nottinghamshire, was the sole director of Financial Trading Strategies Ltd, but was not authorised to trade in the UK, the court heard.
Carrying out unauthorised business is an offence punishable by a fine and/or up to two years鈥 imprisonment.
Burford, who has no previous convictions, will be sentenced at Southwark Crown Court at a later date.