UPDATED 5.37PM: Auckland businessman Alex Swney has pleaded guilty to a new fraud charge, laid by the Serious Fraud Office.

He appeared in the Auckland District Court, on a charge totalling more than 2.5 million dollars in offending.

The 57-year-old former Heart of the City boss has previously already admitted evading taxes of nearly 1.8 million dollars.

Dylan Moran reports that it was a swift appearance for Swney.

"He entered a guilty plea to the new charge, which related to $2.5 million dollars."

He'll appear in court next week for sentencing on both charges, and has been released on bail until then.

Heart of the City chairman is looking at Alex Swney's guilty plea today as an opportunity to move on.

Terry Gould say members are absolutely shocked at the amount the former chief executive has admitted to have stolen.

"We're also angry at the level of deceit and the scale of the theft. In a positive sense the guilty plea allows us to draw a line under this terrible episode and move forward."