The former accountant of the failed finance company, National Finance 2000, has pleaded guilty to charges laid by the Serious Fraud Office.
The company collapsed in May 2006, owing more than $25 million.
John Gray admitted a charge of theft by a person in a special relationship, and another charge of false accounting in the Auckland District Court on Friday.
He will be sentenced next month.
Serious Fraud Office chief executive Adam Feeley says it's a very satisfying result, and the outcome of a very comprehensive investigation.
A trial date is yet to be set for former National Finance director Trevor Ludlow, who also faces Serious Fraud Office charges relating to the misuse of funds.