A FRAUDSTER has been jailed for five years after robbing friends, associates and his children’s godparents of more than one and a half a million pounds through a “Ponzi” scheme.

Andrew Rayner, 52, was jailed for ten counts of fraud at Basildon Crown Court this afternoon, alongside wife Julia Rayner, 48, who was sentenced to nine months imprisonment, suspended for 18 months, for money laundering.

Many of the couple’s victims lost their life savings in the fraud, in which Rayner claimed he was investing their money into a spread-betting scheme with BetFair, though only 10 per cent of the “investment” ever made it to BetFair – the rest going on paying off earlier “investors” and funding the couple’s lavish lifestyle.

The couple reassured “investors” throughout that their money was safe and generating returns right up until the collapse of the scheme in December 2013 – even holidaying with some of said “investors” in Cornwall the month before.

Julia Rayner, who knew the scheme was losing money six months before it collapsed but continued to spend the money, was also sentenced to 200 hours’ unpaid work.

Det Con Ian Bloomfield of the Kent and Essex Serious Crime Directorate said: "Andrew Rayner has ruined the futures of many families by callously taking over £1,500,000 from his close friends and although they received some money back from the Ponzi scheme their combined losses amount to £783,000. 

"He made grandiose promises of returns he was not ever capable of fulfilling in order that he and his wife Julia could live a very comfortable life to which they believed they were entitled, even though neither had jobs and had a history of debt.

"I hope they reflect on what they’ve done to these people whilst the serve their punishments.”