Brian Wood and Jimmy Truong have pleaded guilty in the Downing Centre Local Court, in Sydney, to operating a Ponzi scheme called the Integrity Plus Fund.

According to ASIC, between December 2004 and December 2007 the Integrity Plus scheme raised in excess of $30 million from about 270 investors.

Facing the Court on 5 June 2012, Wood pleaded guilty to a total of 10 charges, including six counts of making false statements to investors and four counts of fraudulently misappropriating investors' funds.

Truong pleaded guilty to four charges of making false statements to investors. Both men falsely stated to investors that their investments would earn returns of 4% per month and that the capital amounts of their investments were guaranteed, said ASIC.

A third man, Con Koutsoukos, has not entered a plea to three charges of making false statements to investors.

Wood and Truong will next appear in the District Court at Sydney for sentencing on 15 June 2012.

Koutsoukos's matter has been adjourned and will appear at the Downing Centre Local Court next month.

Each of the fraudulently misappropriating investors' funds charges under section 178A of the NSW Crimes Act carries a maximum penalty of imprisonment for 7 years.