The conviction follows an investigation by the Serious Fraud Office (SFO), who recently decided not to take action against the British division of Bernard Madoff’s infamous investment scheme, following a year long investigation of the giant £4.5 billion Ponzi scheme.

The SFO targeted 51 year-old Kevin Foster, a former taxi driver who duped thousands of people into giving him their savings by guaranteeing a “fivefold” return of their investment.

Despite over 8,000 people putting £34 million into his pyramid scheme between 2001 and 2004, only £1,703 has been recovered from illegal overseas bank accounts. The rest was ploughed back into the scam to pay new investors, as well as funding Mr Foster’s luxury lifestyle.

The SFO told Harrow Crown Court how Mr Foster bought a £600,000 property in Kent, with a swimming pool and zoo of exotic animals. £700,000 was spent on luxury cars and nearly £3 million was withdrawn in cash.

Richard Alderman, the SFO director, said: “I am very pleased with this verdict. This was a very complex investigation and the SFO was determined to bring justice for the many victims who lost their hard-earned savings.”