Conman had just £22,000 left after £7million fraud

Chelmsford Crown Court heard on Friday how David Bowerman duped 200 investors and spent their money on an extravgant lifestyle of gambling, fast cars and Caribbean holidays.

His victims included his mother, former Ipswich Town goalkeeper Richard Wright, ex-Chelmsford City chairman Peter Stroud, a terminally ill cancer patient and his next door neighbour.

In November last year Bowerman, 46, formerly of Bramwoods Road, Great Baddow, was jailed for eight years after admitting 32 fraud charges and one of theft.

A proceeds of crime probe was launched after the case to see if any money would be reclaimed, but little has been traced.

The court heard Bowerman had got £6,918,755 through his fraudulent activities but only assets worth £22,367.14 had been found.

It was also said he told "bare-faced lies" to fund what doctors described as a "pathological gambling addiction" and driving fast cars including an £81,000 Aston Martin and a £38,000 Audi.

Antony Swift, prosecuting, said: "The reason he was able to get away with it for so long was his personal relationship with many people and the trust that they placed in him.

"There were a series of frauds over a number of years in which he systematically and cynically defrauded, for the most part, family, friends and acquaintances out of large sums of money.

"He went back to the same people time and again to get as much as he could.”

He offered investors false returns by using funds from new investors to give the impression of a profit-making business.

Bowerman also stole £36,500 from a savings account belonging to his elderly mother, Cynthia, which he had access to.

At the height of his offending, Bowerman was pictured on Facebook lighting a cigar with a £50 note.

He eventually handed himself into police after building up huge debts.

Christopher Kerr, his barrister, told last year's sentence hearing Bowerman was "thoroughly deluded" when he believed gambling would turn everything round.