Former Canberra property developer Jaime Charles Farrelly has pleaded guilty to one of the eight charges against him.
Farrelly has been on bail since late last year after he was charged with a number of firearm and drug offences, as well as impersonating a Commonwealth public official.
He has pleaded guilty to one charge of possessing or attempting to possess a prescribed restricted substance, according to court documents.
He is scheduled to be sentenced on at the Downing Centre Local Court in Sydney on Thursday, July 16, and faces up to two years' imprisonment for the crime.
Two of the original charges against the property developer are to be withdrawn, including one charge of possessing an unauthorised prohibited firearm and one charge of impersonating a Commonwealth public official with intent to deceive.
He is still facing charges of supplying a commercial quantity of a prohibited drug, impersonating a Commonwealth public official, possessing ammunition without holding a licence, acquiring a prohibited firearm with no authority to do so and two charges of possessing or using a prohibited weapon without a permit.
Farrelly has not entered a plea for these charges, which have been listed for further mention on the same date as the sentencing.
His bail will continue with the same conditions that he surrender his passport, avoid international departure points and report to local police daily.
Farrelly was arrested in October last year after a month-long investigation by the Australian Federal Police which began after an allegedly fake police badge and identification card were handed into the Bondi Police Station in Sydney.
The investigation uncovered allegedly fake badges for the FBI and CIA, hats and T-shirts with Australian Federal Police insignia, replica firearms, 11 gel blasters, steroids and 14 grams of cocaine at the property developer's Double Bay home.
In 2021, the ACT government made changes to its sunset clause laws after a number of Farrelly's customers had their off-the-plan contracts cancelled by the developer, only to see the same properties resold at a higher price.
In October 2023, Farrelly was disqualified from being a director of a company for two years by the Australian Securities and Investments Commission.
The regulator's investigation found Farrelly and his business partner, Gary Kelly, had been the directors of at least five companies which entered liquidation between 2019 and 2021, and that they had failed to document a $7 million loan. It also found they had resigned as directors to protect their credit rating.
The ban lasted two years, and ended the day before Farrelly was arrested on October 24, 2025.
A third director, Paul Hamilton, launched an action against Farrelly under the Fair Work Act late last year.
