Sammy Kimmence, 23, was charged with scamming two men, aged 80 and 90 out of £34,000 by posing as a financial investor. He has denied the charges and will face trial in the summer.
Kimmence, from Essex, appeared at Portsmouth Crown Court where he was accused of conning the two men, Peter Martin and Peter Haynes - who are believed to have been clients at a company Kimmence previously worked for.
When the investment business stopped trading, the 23-year-old is accused of taking the clients on himself and claiming he was authorised to provide financial services between 27th July 2016 and 9th December 2018.
Kimmence denies providing these services while not authorised and also denies being part of a fraudulent business, S&S Trading Ltd.
His trial will begin on 29th June and is expected to last three or four days. He has been granted bail in the meantime.
Kimmence was dating Love Island star Dani Dyer before she appeared on the ITV2 reality show and the pair rekindled their romance after Dani split from fellow reality star Jack Fincham over nine months ago.
Love Island favourites Jack and Dani dated for around a year after meeting on - and winning - the reality show in 2018.
The news comes as Jack took to Instagram last week to reveal he has just become a dad.
Writing on his social media, he said: "I'm normally a very open book and share most of my life on my social media. This blessing I chose not to. I'm just a normal geeza, who went on a tv show, which throws you straight into the public eye... which I will forever be grateful for.
"However I knew for myself I needed personal time and to keep this part of my life private to prepare for this new responsibility and part of me that will change my life forever.
"... I am now a proud dad to a healthy baby girl Blossom Fincham born 8lb 2oz on 24th January 2020."