The ex-agent to olympic star Greg Rutherford was charged for stealing £44, 488 and admitted fraud
Gaby Stone, 34, pocketed sponsorship and appearance fees due to the London 2012 hero to feed his gambling addiction.
World champion and gold medallist Rutherford had agreed Stone would take 20 per cent of any income he generated.
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But between September 2014 and April 2015 Stone kept it all, London’s Blackfriars Crown Court heard. Max Hardy, prosecuting, said Stone had a serious gambling problem for some time.
He had been “reckless” with money owed to Rutherford after they met in 2009, the court heard. Mr Hardy added that recklessness then became dishonesty and criminal conduct.
It is believed Gaby had a serious gambling habit for quite some time amid his charge
The disgraced manager was originally charged with stealing £63,000 but the figure was cut to £48,488. Stone, of Marylebone, central London, admitted fraud.
He was released on bail and will be sentenced in March. Judge Jane Sullivan told him: “It is a serious matter. The starting point of an offence of this nature and the most likely outcome is custody.
Gold medallist Greg previously agreed for Stone to take 20 per cent of any income he generated
It is only right you should know that.” Julia Flanagan, defending, told the judge Stone planned to pay back four fifths of the money before he is sentenced.
Stone, who has a degree in sports science from Loughborough University, has also represented two-times gold medal-winning boxer Nicola Adams and gymnast Louis Smith.
Rutherford shot to fame after taking the gold at London 2012 and then setting a new British record for the long jump in 2014 with a leap of 8.51 metres.
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Mr Stone also previously represented gymnast Louis Smith and gold medalist boxer Nicola Adams
He was unable to repeat the feat at the Rio de Janeiro games last year but won bronze. Rutherford appeared on the BBC’s Strictly Come Dancing last year following in Louis Smith’s footsteps.
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Kristina Vogel of Germany leads Wai Sze Lee of Hong Kong, China during a Women's Sprint Quarterfinal race against Wai Sze Lee of Hong Kong, China on Day 11 of the Rio 2016 Olympic Games
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