Two men from the UK have lost £14,500 after an Island man "panicked" when his gambling business failed.
31-year-old Sean Speers pleaded guilty to six charges of deception at Douglas Courthouse yesterday.
The court heard how the Douglas man had set up a website called Stablelays and used aliases to correspond with people in the UK for whom he would lay bets for.
He received six money transfers between November 2012 and October 2013 from two men - totalling £9,500 and £5,000 respectively.
The men had been told they could withdraw their money at any time - a claim that never came to fruition.
Although the scheme had started legitimately his advocate told the court it failed quickly and he ended up losing the money and trying to cover it up.
Deputy High Bailiff Jayne Hughes described it as "by no means a straightforward case" and adjourned proceedings for two weeks for a decision on sentencing.
Mr Speers was bailed and will next appear in court on October 7th.
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