Bill Jordanou, an aggressive Australian poker player whose five-year run on the poker scene netted him over $523,000 in live-tournament winnings, has been busy perfecting another type of bluff. This past Monday, he appeared in Melbourne’s High Court to face charges of being involved in a Ponzi scheme, and admitted his culpability.

Jordanou and co-conspirator Robert Zaia, a former accountant with Scoresby, pled guilty to the fraud which saw them siphon off around $53 million. Just under $20 million of it made its way into Zaia’s family trust.

As the two were living the high life, their victims were losing their shirts. Several Scorseby clients lost their homes due to allegations that staff from Commonwealth Bank of Australia (CBA) were involved in the scam.

Since Jordanou and Zaia have pled guilty, they won’t face trial. As such, the victims will never know if anyone from CBA was complicit in the activity. It has been said that CBA management was alerted to the Ponzi scheme in 2007, but didn’t report anything to the police until four years later.