A financial trader has escaped jail after conning his friends out of more than £175,000 they had trusted him to invest on their behalf.

Justin Newman, formerly of Epping, was given a 20-month suspended sentence at Chelmsford Crown Court on September 12 after admitting three fraud charges.

The 40-year-old, who has since moved to Dubai, had persuaded his four victims he would put their money into what he claimed was a non-risk investment.

He claimed their profits would be repaid on a monthly basis and they would receive their initial investment after six months.

They a transferred a total of £176,167 to him between September 2012 and August 2014 and initially they did receive a return, but this soon stopped.

The victims challenged Newman and sought legal advice, and he promised to repay them once he had sold his property.

He sold his house in Theydon Bois but still failed to repay, at which point the matter was reported to police.

Following a referral from the National Fraud Intelligence Bureau, Essex Police executed a warrant at his then-home in Epping in November 2015 and Newman was voluntarily interviewed.

An investigation was carried out and he was summonsed to appear at court last December.

Newman has since repaid all of the money he scammed out of his friends.

Detective Chief Inspector Lee Morton, of the Kent and Essex Serious Crime Directorate, said: “As an experienced financial trader, the victims trusted Newman would invest their money as promised.

“But he lied to them and continually stalled repaying them, until the matter was referred to police and went through the courts.

“I am pleased the victims have now had their money returned to them and I hope they can now put this very stressful time behind them."