Accused fraudster awaits evidence after getting lawyer

An allegedly unlicensed financial advisor accused of duping investors is waiting to see the evidence against him.

Russell Sandiford, 42, is on bail after appearing in Sydney's Downing Centre Local Court on Tuesday.

He was expected to plead guilty to two charges of dishonest conduct in relation to financial products or services, stemming from hundreds of thousands of dollars he allegedly took from investors but used for his own purposes.

"Whilst the defendant indicated a desire to plead guilty, he has now declined to formally enter those pleas," Magistrate Theo Tsavdaridis said on Tuesday.

A different magistrate told Sandiford to get legal advice when he first appeared in court in March and attempted to "enter an early guilty plea at the earliest opportunity", which entitles criminals to a discount on sentence if they are convicted.

"I wish to plead guilty no matter what," Sandiford said at the time.

The former Reiwa-Capital director now wants to see the evidence against him.

Sandiford represented himself on the last occasion, when a Legal Aid lawyer came to his rescue on an "amicus" basis - a "friend of the court" not representing Sandiford or appearing as a party to the proceedings - and told the court he appeared eligible for support.

He was represented on Tuesday but rather than entering a guilty plea, his new lawyer Cassie Sten said she was instructed to request details of the prosecution case.

"My client is entitled to a brief of evidence," Ms Sten said.

"There is no brief of evidence."

Crown prosecutor Nadia Deeb sought a three-week adjournment, arguing prosecutors understood until Friday that Sandiford would be pleading guilty.

They hope to "further engage the defendant in the history of the matter".

Sandiford is on conditional bail to live in Sydney's southern suburbs, required to surrender any passports, not apply for new ones and stay at least a kilometre away from international points of departure.

He is also barred from contacting witnesses, current or former clients of Reiwa-Capital, except through lawyers, and providing unlicensed financial services or receiving any payment in relation to them.

He allegedly duped 79 investors into giving him more than $459,000, the Australian Securities and Investments Commission alleges.

Investors were allegedly told he would invest their money in two funds, an income fund and a hedge fund, neither of which they had day-to-day control over.

"In fact, he did not use the funds for investment purposes, but rather for his own purposes and purposes unrelated to the (two funds)," documents filed with the court and seen by AAP stated.

The alleged scheme stretched from January 2020 until June 2022.

Sandiford faces a potential 15-year prison sentence, a fine of three times the total value of benefits he allegedly gained, or $945,000 if it's less than that, ASIC said.