Brian Mitchell charged with fraud against his former clients

A former Victor Harbor financial planner has faced court for the first time after he allegedly defrauded elderly clients of more than $700,000 of their retirement funds.

A former financial planner has faced court for the first time after he was charged with defrauding his former clients out of hundreds of thousands of dollars.

Brian Mitchell, 80, faced the Victor Harbor Magistrate Court on Monday after he was charged with 16 counts of aggravated deception and three counts of deception back in June.

Police allege Mr Mitchell, a Fleurieu Peninsula man, committed the crimes between 2005 and 2017 that involved six elderly victims.

Brian Mitchell, 80, is charged with allegedly defrauding elderly clients out of $700,000. Picture: Emily Jarvis

The total amount alleged of stolen money is more than $700,000 and is alleged to have started while Mr Mitchell was employed as a financial planner.

Police further allege the victims were deceived to provide money to the accused for non-existent investment schemes for their retirement.

However, there were no investment schemes and Mr Mitchell used the money for other purposes. None of the money provided to Mr Mitchell has been recovered.

Detectives from Serious and Organised Financial Crime are continuing the investigation to see if there are more victims.

Mr Mitchell will return to court in November.