The BBC reports that Christopher Farrell, 29, inflated clients’ incomes to help them secure home loans – and earn himself commission.
He pleaded guilty at Plymouth Magistrates’ Court to fraud and will be sentenced on January 28.
Prosecutor David Gittins reportedly told the court: “Christopher Farrell started working as a mortgage and insurance adviser with the company, Mortgages for Plymouth, in November 2007 until he was told: ’You’re fired’ in August 2009.
“After that he took part in the BBC programme The Apprentice until he was fired from that in November.”
Gittins explained to the court that Farrell, who earned a salary of £1,600 a month, would make commission if he reached sales targets.
But Farrell started inflating the incomes of clients to ensure their mortgage applications were successful – thereby reaching the sales target.
Farrell, who admitted four charges of fraud, would either alter P60 forms or payslips to show his clients in a more favourable light to a mortgage lender or create fake documents, magistrates were told.
The BBC says that in one instance, he made an application for a client with a £40,000 salary which showed he earned £120,000 a year.
Magistrates decided their powers of sentence were insufficient and committed Farrell to Plymouth Crown Court to be sentenced on January 28.
The court was also told that Farrell had two previous convictions for possessing an offensive weapon.
He admitted the two charges in September 2009 before filming The Apprentice after police found an extendable baton and a knuckleduster in his Mercedes.