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A former manager of the Master of the Queen's Music today admitted defrauding the composer out of more than £500,000 to spend on online gambling.
The case involved Sir Peter Maxwell Davies's private company, Max-Opus, one of the first classical music download sites.
Sir Peter had set up the service in 1999 with Michael Arnold and his wife Judith who have looked after his affairs for 30 years.
But today Arnold, 75, of Barnet, admitted at Kingston crown court false accounting involving £522,333. Judge Paul Dodgson ordered medical reports before he passes sentence next month.
A further charge of stealing £447,000 of the composer's money faced by Arnold and his wife was dropped.
Sir Peter, who is paid an annual £15,000 retainer for his royal duties, had been left temporarily unable to compose and had to borrow from friends after money was allegedly found to be missing from his accounts.
Celebrating his 75th birthday at the Proms today, where he was conducting at a concert, he spoke of his relief that the uncertainty over his fortune was ending.
Arnold was first arrested in 2007 and charged with his wife last year.
Sir Peter, who lives in Orkney, received a substantial out-of-court settlement from the Arnolds last year after starting a civil action in the High Court.
