A commodities dealer who swindled £19million from investors and blew the cash on a luxury lifestyle must pay back £6million or face further jail time.
Guy Flintham, 47, promised at least 240 people they could make £2,000 on every £50,000 they entrusted him to invest.
As his victims took out loans and remortaged their properties, Flintham spent a fortune on jewellery, watches and designer clothing.
Flintham also spent another £500,000 on supercars, including Ferraris and Lamborghinis, Southwark Crown Court heard.
He forged documents to back up his lies and stated he had £12million invested when in reality it was around £190,000.
Flintham gave his now estranged wife £507,000, part of which paid for the private school fees of their children.
Another £388,000 went on holidays and hotels, over £200,000 was spent on home improvements and over £100,000 was withdrawn in cash.
When Flintham was arrested he still had over £4m in his bank account.
Guy Flintham, 47, promised at least 240 people they could make £2,000 on every £50,000 they entrusted him to invest
Flintham was jailed for six years last May after admitting fraud by false representation between 1 January 2016 and 30 November 2021.
As his victims took out loans and remortaged their properties, Flintham (pictured) spent a fortune on jewellery, watches and designer clothing
Flintham was jailed for six years last May and returned to court yesterday via video-link from HMP Sudbury for a confiscation hearing.
Judge Alexander Milne detailed Flintham’s ‘tainted gifts’ including Jimmy Choo shoes, jewellery and designer clothes.
He said: ‘Last year Guy Flintham pleaded guilty to an offence of fraud relating to an investment scheme, which was from beginning to end a fraudulent scheme. It might popularly be termed a Ponzi scheme.
‘Mr Flintham, with the benefit of that money, managed to attain a lavish lifestyle, for himself and for his family for a number of years.’
His ex-wife Nicola Roberts, a teacher, claimed she owned the £350,00 family home in Blackburn, Lancshire, as it was inherited from parents.
Ms Roberts told the hearing people had tried to burn down the house after her husband’s arrest.
‘There were two arson attacks in the middle of the night, it was absolutely terrifying,’ she said.
Ms Roberts insisted that she had not known that he may have bought his share of the house with the proceeds of fraud.
He returned to court on January 29 via video-link from HMP Sudbury for a confiscation hearing
Judge Milne said: ‘One of the great sadnesses of this case is that among his victims was his own wife and members of his close family, who lost the vast majority of their personal wealth. They were all let down dramatically and tragically.
‘His wife was blamed and treated as if she had known he was a fraudster, when in fact, as I fully accept, she was simply another victim in this case.
‘The fact of the matter is that although it was stolen money he was using, he bought a share of the property. It was not her money but the money of others.
‘The property is registered as fifty-fifty in the land registry and remains so to this day.’
Flintham’s total benefit was put at £23,932,204 while the available amount for confiscation and compensation amounts to £5,963,376.
The judge said this includes £5.6million from Flintham’s frozen bank accounts, his share of the family home and £168,637 in tainted gifts.
Flintham, formerly of Whinney Lane, Blackburn, has three months to pay or serve another two years in default.
He had admitted fraud by false representation between 1 January 2016 and 30 November 2021.
Earlier Stuart Biggs, prosecuting, said: ‘He took £19million of deposits from investors, over 240 investors, it is at least 240 investors on the basis of false representations.
‘The lies he told them were stark because he hardly undertook any trading at all and he provided investors with forged statements.
‘Meanwhile he used funds from investors to pay others back when required. He also used funds for his own benefit living a luxurious lifestyle.’