A FRAUDSTER, originally from Basingstoke, who conned victims out of millions of pounds has had his jail term extended.

David Gerald Dixon, 51, who ran a so-called Ponzi scheme in which investors were swindled out of more than £3 million, had a default prison sentence of two years triggered at Westminster Magistrate’s Court on Tuesday, July 11.

The sentence was activated by the court after Dixon failed to pay a £275,000 confiscation order which was to be used to help compensate victims.

Dixon ran the scheme between January 2004 and December 2010, operating it through companies called Arboretum Sports (UK) Limited and Arboretum Sports (USA) Incorporated.

Through those companies, collectively referred to as Arboretum Sports, victims were persuaded into placing money into what they were told was a no-risk gambling syndicate with the potential for dramatic rates of return.

In reality, the scheme was a vehicle for Dixon to appropriate the funds of its members, up to 600 of them, including some from Basingstoke, one such victim lost around £150,000.

The fraudster used the money he made to fund his own gambling habit and support an extravagant lifestyle, which involved jetting off to Malaysia and other exotic locations such as the Seychelles.

Arboretum Sports (UK) Ltd went into liquidation in 2007, and shortly after Dixon fled to Malaysia.

He was arrested in Malaysia in September 2014, following a joint investigation by the Serious Fraud Office and Hampshire Police, and was extradited to the UK.

Dixon was sentenced to three years and 10 months in prison for his crimes in April 2015, where he was described as “carnally dishonest”.

He pleaded guilty to five fraud-related offences in March 2015.

The two-year prison sentence triggered will be served consecutively to Dixon’s initial sentence.

Dixon was given until February 11 this year to satisfy the terms of the confiscation order.

Dixon will still remain liable for the full amount of £275,000 arising from the confiscation order once his prison sentence is served.

Arboretum Sports investors with queries about compensation payments can still contact the SFO for advice and information on ddx01.shared@sfo.gsi.gov.uk.