A churchgoer has admitted defrauding members of his congregation of £3million.

Patrick Coppeard, 49, of Spring Grove in Loughton, appeared at Chelmsford Crown Court today, where he pleaded guilty to fraud by abuse of position.

Coppeard, who chaired the church’s development and buildings committees, handed himself in to a London police station in May after giving a senior figure at St John’s church a list of parishioners thought to have lost millions of pounds of savings between them.

Between 2008 and 2013, the former Merrill Lynch investment banker acquired more than £5million from 60 families who attended the church in Buckhurst Hill.

The father-of-three claimed the money would be used in an investment scheme.

Some of his victims claimed to have lost up to £250,000 after being promised rapid returns on investments, including the backing of a US coffee chain expansion. 

He will appear at Chelmsford Crown Court on October 21 for sentencing.