A MAN who cheated investors out of more than £170,000 has been warned he is facing a jail term.

Costas Geronikolos claimed he could get guaranteed returns of at least 20 per cent on a scheme with the Nat West Bank.

But in reality the 55-year-old company director was pocketing the money, using it for his own purposes, and the investors saw nothing.

Geronikolos, of Capesthorne Drive, Haydon End, pleaded guilty to ten counts of fraud when he appeared at Swindon Crown Court.

Between the start of December 2012 and May last year the defendant, who has since been declared bankrupt, made false representations to eight individuals and two couples.

He told them that he was a member of a non existent scheme at the bank saying it would guarantee the huge returns.

The total losses suffered by the would-be investors is alleged to be in excess of £173,000.

Claire Marlow, prosecuting, said he had submitted a basis of plea which claimed he was using the money to try and fund his legitimate work.

She said “It seems to me that he was trying to bolster his business and it was totally unrealistic.”

Nicholas Barraclough, defending, asked for the case to be adjourned for a presentence report and to give his client a chance to raise money to pay back what he took.

He said he was a family man of good character with no previous convictions who knew the likely sentence.

“In an ideal world he would have six weeks to put together the compensation,” he told the court.

When the judge asked how he would do that he replied: “It is hoped from a business venture that had been in the pipeline for a long time.”

Judge Tim Mousley QC said that bearing in mind his history he was sceptical about that but would give him the time.

He released him on unconditional bail to Thursday May 12 when he is due to be sentenced.

He told him “You have pleaded guilty to very serious offences which, obviously, were certainly planned and involve a great deal of money.

“It follows that you are at risk of going to prison when you come back on May 12.

“I grant you bail between now and then so a presentence report can be prepared and so you can make attempts to get the money together to compensate the people you defrauded in such a dreadful way.

“Don’t take any of this as an indication that there won’t be a custodial sentence, do we understand each other.”

According to the London Gazette Geronikolos was made bankrupt at Swindon County Court in January following a petition from a German company filed six months’ earlier.