"He was under intimidation and he did try to keep the project alive so investors would have returns - it was all of course too little too late."
Jason Sugarman, KC, for Andrews said his client has been on remand serving time for his MDMA offence.
He said: "He has been in custody for another offence. He has served extra time because of this case because he has not been eligible for early release, and he has suffered from the delays of covid and this case hanging around.
"He has a child he hasn’t seen since his third birthday, who is six in early March."
The four defendants all pleaded guilty on the eve of a long trial sparing the jury of having to sit through a four-month trial.
Judge Gregory Perrins told jurors: "This case involved an allegation of fraud and was going to be a very large fraud trial.
"Over the last two or three days, one by one, each of four defendants has taken the decision to change plea from not guilty to guilty.
"Why wasn’t that done sooner? That’s a perfectly valid question. We do try to avoid this sort of situation, but it sometimes happens in this court."
Todd, of London and Mayne, also from London, admitted conspiracy to defraud.
Williams, of Kent, admitted converting criminal property between 19 May 2014 and 3 February 2015, namely £60,553, knowing or suspecting it to constitute or represent in whole or in part a person’s benefit from criminal conduct.
Andrews, of, Kent, admitted converting criminal property between June 14 and 30 2014, namely £60,000, knowing it to constitute and hold at least in part proceeds from criminal conduct.
They will be sentenced on 3 and 4 November.
Jack Hudson is reporting from Southwark Crown Court
