A SERIAL conman from Newquay who posed as a millionaire and repeatedly sold the same bogus business has been jailed.

William Macintyre, 54, preyed on middle class professionals who wanted to start a new life running their own information technology company.

He lived a tycoon lifestyle with fast cars, speedboats, a luxury seaside home and holiday in Hawaii and told his victims they could buy into his dream.

In reality, the business he sold for £30,000 to £40,000 a time consisted of a database that cost him just £430 and had never made money.

He impressed the buyers by showing them round his four-bedroom home in the resort which was fitted with trendy designer furniture and featured a £7,900, 81in television.

Former pub landlord Macintyre continued running exactly the same scam even after he had been arrested and taken to court, sometimes stealing from old friends and work colleagues.

The divorced father-of-five was jailed for four years at Plymouth Crown Court on Monday after he admitted three frauds and three deceptions worth £137,500.

Another 34 charges were not pursued and were left on file. Police estimate the total amount lost by investors was almost £800,000.

Judge Paul Darlow told him: "These offences were sophisticated and involved the careful illusion of wealth generated by successful businesses.

"You put pressure on people to buy the business and where possible you circumvented inquiries into the accounts or legal advice.

"Families parted with up to £40,000 and resulted in misery for them, and in one case actual medical depression.

"The strain on these families was there for all to see but you persisted and were heartless and you persisted, despite being on bail, despite a restriction order and a bankruptcy order."

Mr Andrew Macfarlane, for the prosecution, said the offences dated from 2003 to last December and mainly involved the same scam.

After the case Detective Constable David Bowden, who was commended by the Judge, said most of the victims were professional people bored with their own jobs who wanted to start businesses of their own.

He said: "He told them they could be as rich and successful as he was but in reality the only thing he was successful at was fraud.

"He was never far from bankruptcy and his wealth was all a sham paid for by the businesses he was selling."

Mr Michael Hubbard, QC, for the defence, said Macintyre was now suffering from multiple sclerosis, which would make his time in prison difficult and painful.