Melbourne accountant faces multiple imprisonment terms after pleading guilty to 27 counts of financial fraud.

A Melbourne accountant has pleaded guilty to 27 criminal charges, 21 of which involve the operation of unregistered management investment schemes. 

According to the Australian Securities and Investments Commission, Mark Ronald Letten, former director of LGH Holdings and principal of the Lettens accounting firm, had engaged in multiple acts of fraud from 1998 to 2010. During this period, over 1,000 investors allegedly placed some A$100 million in investment property schemes promoted by Letten in Australia and New Zealand.

He also pleaded guilty to one charge of carrying on a financial services business with an Australian financial services licence and five charges of breaching directors' duties when he dishonestly used company funds.

The companies and unregistered schemes were wound up following applications by ASIC in the Federal Court of Victoria that started in 2010.

Letten faces a maximum sentence of five years in jail for each of the unregistered scheme charges and the directors' duties charges. He also faces a maximum of two years imprisonment for the charge of carrying on an unlicenced financial services business. 

He is currently out on conditional bail and is set to reappear in the Victorian County Court on 12 May 2014.