Cameron Randall Gidley-Baird and a co-accused allegedly frittered ill-earned cash away on never-ending wheeling and dealing, as well as gambling at local clubs and hotels, and shopping.

Between mid December 2012 and the end of January, 2020, Gidley-Baird was unemployed and had not lodged a tax return since 2011.

According to an agreed statement of facts tendered in Newcastle Local Court on Wednesday, he was the "primary source of deception" registering "many" start-up businesses and bank accounts, then spending money invested in those, or given to him as loans to use to grow or maintain those businesses, on personal expenditure and gambling.

He knowingly, repeatedly lied to his victims, requesting loans, investment and money from them, telling them the money would be used for business purposes, and that they were "doing well", using fraudulent cheques in an attempt to corroborate his lies.

Between 2012 and 2020, Gidley-Baird and a co-accused received nearly $5 million into their 23 separate business and personal accounts most of which they accessed at Hunter-based hotels, pubs and clubs including $221,310 which they spent at Scone Bowling Club alone.

Gidley-Baird has pleaded guilty to three counts of fraud and two counts of pervert the course of justice.

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