A former Canadian Imperial Bank of Commerce small business loans adviser accused of bilking his employer of more than $1 million pleaded guilty yesterday to fraud. Mark Riddell, 41, made a brief court appearance and pleaded guilty to one count of fraud over $5,000.

Last May, when he was charged, police said it was one of the largest frauds they had ever investigated.

Riddell is to be sentenced on March 9. He remains out of custody.

He was dismissed from his job from the branch at Dundas and Richmond streets.

Assistant Crown attorney John Forrester told Ontario Court Justice Ross Webster the total fraud was $1,236,960.

A total of $95,472 has been recovered.

The loss for the bank is $1,139,488, Forrester said.

Riddell was charged with setting up fictitious loans between Aug. 9, 1996 and Oct. 9, 2001.

Police said at the time of Riddell's arrest the loans were approved without bank officials knowing and put into an account at his branch.

The scheme was uncovered after a complaint by a customer who noticed some discrepancies in his personal banking papers.