A fraudster who ripped off nearly three-quarters of a million pounds from friends has been jailed for five years and five months.

Conman Peter Phillips, 63, had used the trust “and blind faith” of people he had known for up to 30 years..and then cynically fleeced them.

The financial adviser had even sent a sneering text message top one of his victims showing a full wine glass and the words: “Golf is good!”

The judge, Recorder John Bate-Williams told him: “They were cruelly and dishonestly and despicably misled.

“They are, between them, still more than £521,000 out of pocket. This is a catalogue of fraud.”

Phillips’ barrister Louis French claimed that a partner of the disgraced mortgage arranger had cancer and his business deteriorated.

But despite earning no money...he still managed to con approximately £100,000 a year to fund his lifestyle and gambling.”

Mr French said Phillips now felt remorse, but the judge retorted: “I take that with a pinch of salt given that text you sent.”

The barrister said that when the business got into problems, Phillips had “robbed Peter to pay Paul” before trying to get the money back by gambling.

Some of his victims received 'interest' payments on their investments...but others were left penniless.

One of them later wrote: “ I hate him!”