According to a report in The Courier Mail, Wakefield was charged with trafficking offences back in 2019 before being freed on bail.
However he was arrested back in May this year for possession, his second offence while on bail, and has been in custody since.
He faced the Supreme Court in Brisbane yesterday and, according to newspaper report could face at least four years in prison.
His next court appearance will be on October 8.
Wakefield, 51, was a regular in the early days of the second-tier Super2 series, then known as Konica V8 Lites, in the early 2000s.
He finished third in the inaugural Konica Lites season in 2000 and won the category’s Bathurst race the following year.
He also made his Bathurst 1000 debut in 2001 as a last-minute replacement for Greg Crick alongside Marcos Ambrose at Stone Brothers Racing. Ambrose took pole for the Great Race, but the pair didn’t make the finish.
He made a total of 20 main Supercars round starts for the likes of Imrie Motor Sport, Paul Morris Motorsport and Team Dynamik up until 2003.
Wakefield continued to compete in the second-tier Supercars series until 2007, his most recent appearances coming in the V8 Utes Series in 2014.Internet Explorer Channel Network