BUSINESSMEN who conned their victims out of £1m in an elaborate scam before spending the cash on gambling, luxury holidays and supercars have been jailed.

Anthony Locke, of Haslemere Avenue, Highcliffe, attracted those looking to free up money from their pensions before the age of 55 via website Successful Pensions.

The 33-year-old, who worked with Ray King, of Ashley Road, Parkstone, told customers he could give them an immediate payment equal to half of their total pension funds.

The remainder of the money would be reinvested in eco-friendly company Nature Eco Investments, he claimed.

Such an arrangement before pensionable age would usually attract an income tax liability of 55 per cent of the entire amount.

The pair then simply pocketed the money for themselves in a scam known as 'pension liberation'.

Locke used the money to fund a lavish lifestyle, spending more than £230,000 buying two Audi cars, a Mercedes, Aston Martin, Porsche and a Lamborghini Gallardo.

Funds were filtered through offshore accounts, as well as other held by Locke’s mother Jacqueline Humphreys and former partner Annabella Willcocks.

Locke, who used a fake name when talking to customers, was the ‘architect’ of the scam, jurors heard during a six-week trial at Southwark Crown Court.

King answered calls and ‘sold’ the scheme over the phone once an applicant had registered online.

In total, 16 applicants were conned out of £999,266.

Locke was convicted of 23 counts of fraud by false representation and three of money laundering following trial. He has now been jailed for five years.

King, 54, was convicted of 14 counts of fraud by false representation, also after trial. He was jailed for three years.

A timetable was set out for Proceeds of Crime Act proceedings in relation to the recovery of funds from the defendants.

Investigating Officer Paul Sullivan, of Dorset Police, said: “Locke was the architect of a callous and sophisticated fraud with King as his employee.

"Between September 2013 and April 2014 Locke obtained almost £1 million from various pension companies, which represented the ‘pension pots’ of the victims in this case.

"Locke then credited approximately half these funds to the victims who had joined his non-existent occupational pension scheme, telling them that the other half would be invested. However, there was no investment and by far the lion’s share of these funds was retained by Locke who spent the money on expensive cars and general living expenses.

"Not only have the victims lost half their pensions but now may face financial penalties from Her Majesty's Revenue and Customs, who will want to recover the lost tax revenue.

"The sentences imposed send out a clear message to fraudsters who perpetrate these types of offences.”