A MAN who plundered more than £180,000 from friends and family claiming he could put it in a high returns scheme has been jailed for a year and eight months.

Costas Geronikolos told investors he could achieve guaranteed returns of at least 20 per cent on a scheme involving the Nat West Bank.

And he was so convincing many shoved their life savings in, including a man who was trying to raise funds to modify his home after his wife suffered a brain haemorrhage.

But in reality there was no high interest plan and instead he was using the money for his own means, or to pay back earlier investors as he 'robbed Peter to pay Paul'.

Timothy Compton, prosecuting, told Swindon Crown Court: "In essence what the defendant did was he would contact friends and family, including his brother-in-law.

"He would represent with them that he was involved in various schemes with backing from Paddy Power or the Nat West Bank and it was a sure fire way of getting a substantial return: a figure of 20 per cent was mentioned.

"People would then part with their money. There were 10 different victims. The money, it appears, there may be some disagreement, the Crown says in the region of £180,000 to £183,000."

When people started asking for returns he told them there had been problems transferring the funds and gave a variety of excuses.

A couple of the investors got their money back as he used funds conned out of other people to get them off his back.

"Most of the victims seemed to be drawing from their savings," Mr Compton said.

"One of the victims, his wife had suffered a brain haemorrhage and he wanted the money to adapt the house.

"Money was taken from victims and when they asked for it they are fobbed off with excuses."

When the defendant's wife, who was also initially arrested, was questioned she said she knew her husband gambled but never thought he could be addicted, he said.

Geronikolos, of Capesthorne Drive, Haydon End, pleaded guilty to ten counts of fraud between the start of December 2012 and May last year.

An earlier hearing was told he admitted what he had done on the basis that he was using the money to try and fund his legitimate work.

Nicholas Barraclough, defending, said his client had been trying to raise funds for his business developing electronic components for the solar power industry.

He said two of the victims got their money back and he had always hoped to repay the others, but accepted he had not been honest.

All he had been trying to do, he said, was provide for his wife and two children and his elderly parents in Athens, who had some large medical bills.

Jailing him Judge Tim Mousley QC said: "On any view your dishonest behaviour towards these people was planned to some extent.

"Certainly to the extent that I am satisfied that you selected who was likely to be able to advance you the monies that you got.

"There were a number of victims of your dishonest behaviour and it went on over a period of time, that looks like three years.

"You took advantage of people who trusted you. You manipulated them and you abused the trust that they reposed in you.

"The impact on these people is not just financial, and in some cases the amounts were significant, but also the impact in that they trusted you and they will bear the impact for many, many, years."

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.