A Chatham businessman who was charged with defrauding nine elderly people of more than $1 million entered a plea today.

Richard Mahon pleaded guilty to one count of fraud over 5,000 and one count of criminal breach of trust in a Chatham courtroom.

The 70-year-old was facing multiple charges of fraud and breach of trust two years ago following a lengthy fraud investigation which began in 2014 after a woman contacted Chatham police.

Investigators discovered the owner of Ric Mahon Financial and Tax Back Ventures was using money given to him as a financial investor for personal use.

Authorities determined it was a practice which started as far back as 2006 and some of the victims were in their nineties.

Mahon will return to court for sentencing submissions in the new year.