A Kirkby man claimed Job Seekers’ Allowance and council tax benefit, but had £50,000, magistrates in Mansfield were told.
Simon Edwards (53) of Cutts Row, admitted eight counts of making false statements between 2009 and 2011 about declaring money.
The court was told that he had been given a financial gift from his mother, and when an investigation was eventually launched, it came to light that he had £50,000 worth of investment.
The prosecution was brought against him by Ashfield District Council and the Department for Work and Pensions.
He owed more than £6,527, but has since paid the money back in full. His case was adjourned for sentencing on 19th September.