In total, Glenn Armstrong, 64, from of Romford, Essex took £731,738 from various individuals and creditors, based on misleading information.

He raised the money by persuading investors to support a string of investments, promoted through his company, the Property Millionaire Academy, which went bust in July 2022 and never filed any accounts. Armstrong has also been a director of a total of 21 companies, according to Companies House, all of which he has resigned.

At one time, the former taxi driver owned up to 200 properties worth around £30m in the Milton Keynes area and even appeared on Channel 4 show, How the Other Half Live.

Armstrong has been handed a Bankruptcy Restrictions Order lasting 12 years at the High Court after investigations by the Insolvency Service. He has also been banned from acting as a director until 2036.

Judge Barton said that Armstrong had ‘complete disregard for his creditors’ and ‘had an entirely unrealistic belief in his finances’, adding that his accounting and agreements were ‘works of complete fiction’.

Bankruptcy proceedings began in April 2018, when a creditor petitioned to make him bankrupt.

Following this petition, Armstrong provided false and misleading information to four individuals, enabling him to obtain £273,000.

Armstrong had signed an undertaking with the Financial Conduct Authority in December 2018 where he stated he would not enter into any further loan agreements either directly or through his companies.

He then went on to take £458,738 from a number of creditors through transfers he made to associated parties.

Joe Sullivan, official receiver at the Insolvency Service, said: ‘Glenn Armstrong’s conduct in misleading investors was unacceptable and we are pleased to have secured stringent bankruptcy restrictions against him.

‘The 12-year Bankruptcy Restrictions Order which follows on from an interim 18-month BRO reflects the seriousness of the case and misconduct identified by the Insolvency Service.

‘We will not hesitate to take robust action when financial wrongdoing is uncovered.’

The 64-year-old was previously subject to an 18-month interim BRO secured in August 2022 which imposed restrictions until the court made a final decision on the case.

In December a fraud case against Armstrong was heard at Southwark Crown Court but the case was suspended until further evidence was available.

Under the bankruptcy order, Armstrong is unable to borrow more than £500 without telling a lender that he is subject to extended restrictions, or act as a company director without the court’s permission for 12 years under the order.

He was first declared bankrupt in February 2021.