news Fraudster in Britain jailed after life of luxury

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Fraudster in Britain jailed after life of luxury

LONDON (AFP) – A fraudster who enjoyed a lavish life of Ferrari cars and executive jets paid for with unsuspecting investors' cash was jailed for four and half years on Friday.

Marc Duchesne, 47, from East Finchley in north London, "peddled" lies to his wealthy victims, posing as a hedge fund manager and reassuring them their money was completely safe while secretly squandering it, prosecutors said.

His trial at Southwark Crown Court in south London heard that by the time he was caught he had blown almost all of the 15 million pounds (16.5 million euros, 17 million dollars) invested.

Duchesne collected a string of Ferraris including a rare Enzo supercar, and also owned a chauffeur-driven Rolls-Royce Phantom, a Bentley Arnage, and several huge Hummers.

He also had several high-powered motorbikes, gave a friend a speedboat as a gift, spent 60,000 pounds on cosmetic dentistry and frittered away one million pounds on antiques.

Duchesne, who pleaded guilty to one count of conspiracy to defraud, also spent substantial sums on executive jets to travel around the world.

"By that conspicuous display of wealth you persuaded others, including investors, you were a highly successful hedge fund manager," said judge Michael Gledhill.

"In fact you were quite simply a common fraudster. You are a good conman, a good fraudster.

Three other men were sentenced for helping Duchesne to recruit investors, including Belgian used car dealer Thiery Doutrepont, 56, who received two years but was freed immediately for time already spent behind bars on remand.