A magistrate today froze the assets of Maltese Cross Financial Services Ltd director Jean Claude Bugeja, 42, of Ghaxaq allowing him a basic allowance of €14,000 a year on which to live.
Mr Bugeja is pleading not guilty to defrauding and misappropriating €4 million, which charges date back to 2008.
Mr Bugeja is also charged with defrauding the company's other directors.
He did not ask for bail at this stage.
Investors in Maltese Cross Financial Services Ltd have been filing judicial protests against the directors in the past days holding them responsible for breaking regulations and giving them bad investment advice.
The firm is currently being investigated by the MFSA and its operations have been suspended.
Mr Bugeja’s licence to act as a director, financial adviser, compliance officer and money laundering reporting officer was revoked.
The police are investigating the disappearance of possibly millions of euros invested with the company.