A FORMER Basingstoke man has admitted conning investors out of an estimated £4 million by selling fake shares and running a false betting scheme.

David Dixon, 49, persuaded buyers that shares in his company, Arboretum Sports, which once had an office in Chineham, would be worth more than £3 million by 2009.

Between 2004 and 2007, he also represented the company as a betting organisation, but it worked as a so-called Ponzi scheme - where investors are paid with other investors' cash, not profits.

Prosecutor John Hardy QC, told London's Southwark Crown Court that Dixon had taken around £4 million through the schemes.

Dixon further pleaded guilty to falsely promising investors they were buying shares in a casino being built in Singapore associated with MGM Mirage, between 2005 and 2007.

Fake shares in the famous Las Vegas casino brand were also sold by Dixon between 2004 and 2007. He then took more money from his victims by claiming additional funds were required to meet the full costs of the scheme.

Dixon admitted one count of dishonestly concealing a material fact, three counts counts of making a statement, promise or forecast known to be misleading, false or deceptive, and one count of fraud by false representation.

Originally of Basingstoke, Dixon was extradited from Malaysia, following a joint investigation between the Serious Fraud Office and Hampshire Constabulary. He has been remanded in custody since and will appear for sentencing on April 22.