As per the media reports, Mark Bryers, the founder of the failed property investor, Blue Chip, pleaded guilty Friday at the Auckland District Court, to three charges relating to failed investments.

Bryers was found guilty of failure to abide by a notice to attend a creditor meeting, failure to attend watershed meetings, and failure to keep adequate accounting records. It was in February 2008 that Blue Chip had shut down, with over 2,000 New Zealand investors losing $84 million.

Since Bryers confessed his mistakes, the Ministry of Economic Development, which brought the charges against Bryers, agreed to drop four other charges.

The four other charges include intent to avoid compliance and obligations to attend a creditor meeting and failing to comply with a notice to attend a creditor meeting. Bryers still faces 69 more charges.

It will be in October now that Bryers will reappear in Court for a status hearing, and may be sentenced then.