David Ames, 70, fraudulently abused his position as chair of Harlequin Group by exposing more than 8,000 investors to "huge" losses between 2010 and 2015.

Victims parted with pensions and life savings, believing their money would be invested in holiday properties in Saint Vincent and the Grenadines, Saint Lucia, Barbados and other Caribbean nations.

In reality, the scheme had no external funding and never delivered what was promised. Almost no properties were constructed and 99% of those who invested made no return.

During sentencing at Southwark Crown Court on 30 September, the court heard how Ames sold to a large number of people with Self-Invested Personal Pensions (SIPPs), before regulations were tightened in 2012.

The SFO presented the court with victim statements – many of whom were elderly with little investing experience – detailing the personal impact suffered.

Investors were forced to delay their retirement, having lost their pensions and life savings. Many victims continue to struggle with financial hardship, some having to remortgage their homes and repay outstanding debts.

Ames was also found to have wrongly attempted to place the blame on his associates and lied to investors on numerous occasions.

Delivering the sentence, Judge Hehir said: "You were clearly far more interested in pocketing investors’ money than in ensuring those investors were getting what they were paying for.

"You were a slick and plausible salesman and thoroughly dishonest with it. You are a menace to anybody unfortunate enough to do business with you."