A rogue investment conman has been jailed after he swindled £200k from victims – including a former Wales and British Lions rugby player.
Robert Jenkins, 43, conned hundreds of thousands of pounds by blowing savings from nine investors on gambling on racehorses.
One of his victims was rugby star Stuart Lane who won five caps for Wales and toured South Africa with the 1980 Lions side.
A court heard Jenkins set up a fake business encouraging people to invest their savings in an safe investment scheme.
The fraudster promised victims the scheme would guarantee profits and protect their initial investments.
But dad-of-three Jenkins never invested the money and instead used it to fund his addiction to betting on horse racing.
A court heard he blew around £194,000 over seven years from 2007 to 2014.
Jenkins, of Rhymney, admitted nine counts of fraud by false representation and one count of producing an article in connection with fraud.
Prosecutor Matthew Roberts said Jenkins produced a brochure to attract investors.
The brochure claimed his Jenko Investments business he was a ‘professional investor’ and it did not involve a ‘gambling scheme’.
Jenkins told investors he created a formula and algorithm on his computer to keep track of their investments – and claimed it would generate a profit of 45 to 50 per cent per annum.
He also gave each investor a monthly statement showing their investments were making healthy profits.
But the contents of these statements were completely fake, the court heard.
Mr Roberts said: “The so called investment statements were fictitious and in no way represented the funds held or profits generated.
“Detailed analysis of the defendant’s accounts shows there is never a positive figure but varying negative figures.
“The reason for this is obvious. These monthly statements handed out to the nine individuals acted as a cover for a long standing and prolific gambling habit of this defendant.”
In 2014 Jenkins said all the money had been lost but he was unable to provide investors with an explanation.
The police were called and Jenkins’s Mac computer was seized.
Jenkins has now been jailed for four years at Cardiff Crown court.
Judge Tracey Lloyd Clarke told him: “It is quite clear you were a very sophisticated fraudster.”
His victims included Stuart Lane, a former Welsh international and British Lions rugby player, invested £63,000 in the scheme and lost the entire amount.
Mr Lane said: “I am now unable to fulfil my retirement plans.”
Eight other victims lost amounts between £700 and £62,500 and Jenkins blew more than £200,000 in total.
Four years is not enough should have been longer