Esra Ogru, the former chief executive of biotech group Phosphagenics, has pleaded guilty to defrauding the company of millions of dollars over a nine-year period.
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Dr Ogru appeared at the Melbourne Magistrates Court on Friday on six charges of dishonestly obtaining financial advantage by deception in relation to the $6.1 million fraud.
She entered a guilty plea after the original nine charges against her were amended.
It follows pleas by her co-accused, Dr Robert Gianello and Dr Woei-Jia Jiang.
Dr Ogru's charges relate to fake invoices issued to Phosphagenics and its subsidiary, Vital Health Sciences, for goods and services that were never received.
The corporate regulator has alleged the fake invoices included $5.6 million for "research and development" and $546,000 in credit card expenses.
The invoices were made out to companies including TABridge and CK Australia, controlled by Dr Ogru and her co-accused.
The fraud was initially uncovered by forensic accountants at Deloitte who were commissioned to do an investigation after the board suspected misappropriation.
Dr Gianello and Dr Jiang have both pleaded guilty to three charges dishonestly obtaining funds for their own financial advantage through deception.
In a hearing on Wednesday, Dr Gianello told the court through his lawyers that he committed the offences because he believed some of the money was being used to help sick children.
The court heard some of the funds were being used to invest in a potential cure for an illness from which Dr Ogru's daughter suffered.
Dr Ogru will appear before the County Court on August 29.
