A BUSINESS advisor has admitted pocketing about £150,000.

David John Hodgson took the money from clients who believed he would invest their money.

The 43-year-old appeared before Gateshead magistrates yesterday charged with 12 counts of deception. The prosecution asked for a further ten counts to be taken into account.

The court heard that most of the offences were committed in the Spennymoor area of County Durham, near Hodgson's former home.

Neil Taylor, prosecuting, said Hodgson had acted as an independent financial advisor.

He carried on business as Pro-Vision Financial Management based at North Bondgate, in Bishop Auckland.

The court heard that the married father-of-two, of Lanehill Farm, Ireshopeburn, County Durham, was first arrested in October, when he was charged with taking property by deception.

He was re-arrested last week following a four-month investigation and questioned about further alleged discrepancies involving his clients' investments.

Mr Taylor said: "The defendant, acting as financial advisor, has received cheques from a number of people, to invest money.

"There are 23 charges in total, amounting to £149,000 thereabouts."

He said that Hodgson took the money and gave false details to his trusting clients. They were given fake certificates that he had created on a computer.

Mr Taylor said Hodgson had been in financial difficulty and the missing money "seems to have gone into paying the mortgage for his property".

He said: "It is clearly a matter which should be dealt with in the Crown Court.

"There is an element of a breach of trust - a financial advisor being a person in a position of trust."

Hodgson, through his solicitor, Peter Farrier, yesterday admitted 13 charges of obtaining by deception, between May 2004 and last December.

The case was committed to Newcastle Crown Court for sentencing, with a date yet to be set.