The former accountant for failed finance company National Finance 2000 has pleaded guilty to theft and false accounting charges laid by the Serious Fraud Office.

John Gray admitted to one charge of theft relating to misuse of funds and another of false accounting the Auckland District Court today.

He will be sentenced on November 26.

The theft by a person in a special relationship charge relates to the misuse of National Finance funds in breach of its Trust Deed requirements.

Gray also pleaded guilty to a charge of false accounting whereby he concealed the true recipient of funds by creating a false document.

National Finance 2000 was placed into receivership in 2006.

SFO's chief executive Adam Feeley said the outcome was satisfying following what had been a comprehensive investigation.

Feeley said that in the past 12 months the SFO had significantly shifted its priorities to ensure there were speedier outcomes on the corporate failures which had generated the most public concern.

The SFO is investigating 19 cases of suspected serious fraud involving an estimated $630M, and prosecuting a further 32 cases involving and estimated $265M.

"There are enormous challenges with cases of this scale and complexity. However, our strategy of focusing on fewer, but larger cases which have had greater public impact, and achieving faster results, is beginning to pay dividends," Feeley said.

-NZ HERALD ONLINE