Frank Harrison Dew, 50, has pleaded guilty to 26 counts of fraud.
The Crown stayed 26 associated charges of theft over $5,000 against the former owner of Morton Dew, a financial services business in downtown Charlottetown.
Crown attorney Jeffery MacDonald requested a pre-sentence report and time to discuss sentencing recommendations
Defence lawyer Brandon Forbes said they expect to reach an agreed statement of facts with the Crown to give the court for sentencing.
The guilty pleas, entered Thursday in Charlottetown Provincial Court, mark a significant step as this lengthy criminal matter makes its way through court.
Frank Dew's business, Morton Dew Ltd., was shut down in 2015, around the same time that Dew filed for bankruptcy.
Following an 18-month criminal investigation by Charlottetown police, 33 victims were named in this case.
Total losses add up to more than a million dollars, according to police.
Another man, David Cudmore, whom police say was an employee of Morton Dew, faces identical charges.
He has not yet entered pleas. Judge John Douglas adjourned Cudmore's case until May 4.
Frank Dew is slated to return to court June 21 for sentencing.
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