A FINANCIAL advisor who conned elderly people out of their life savings to support his lavish lifestyle was jailed for 30 months yesterday.

William Gibson, 54, persuaded clients to part with large sums of money which he claimed, once sensibly invested, would keep them comfortable for the rest of their lives.

Instead, he spent it on fast cars, expensive holidays and membership of a top golf club, Newcastle Crown Court heard.

The former teacher pleaded guilty to seven counts of deception, one of forgery and one of theft.

Prosecutor Robert Woodcock said that Gibson, who had a £200,000 house in Mount Pleasant, County Durham, persuaded 80-year-old widow Alice Elliott to part with her £18,000 life savings. He said he would invest it, but spent it on a BMW.

Mrs Elliott, from Blyth, was left penniless and forced to move into a council house.

Gibson also conned £14,500 out of Edward Hutchinson, of Trimdon, County Durham, who had been awarded a large pay-out following a road accident, the court heard.

He persuaded a couple from Hartlepool to lend him £44,000, which he used to finance BMW and Mercedes cars.

He put the repayments to finance companies in their name but failed to pay them back, leaving them with crippling debts.

Defending, Stephen Duffield said that Gibson, who had been living alone in South Shields, having separated from his wife, suffered from depression before he started committing the offences.

After the case, PC Brian Hall, of Northumbria Police fraud squad, said: "He has shown no remorse whatsoever.

"He has even tried to say that these people were the greedy ones.

"He is very arrogant and I don't think there was any incompetence on his behalf. He knew exactly what he was doing."