A BOATBUILDER is facing jail after he conned at least £190,000 out of investors.

Don Ladell, of Grand Drive, Leigh, has been warned he could spend up to two and a half years behind bars. At Southend Crown Court, he admitted fraud by false representation between July and October 2008.

He said he had funding and orders for two companies and convinced investors Laurence Hilsum and Michael Johnson to hand over money.

To back up his claims, he produced false documents from Island Global Yachting, Dubai International Capital and HSBC.

Ladell, 25, also admitted a separate fraud which involved making a cheque out to Richard Carder on a closed bank account. He supplied Mr Carder with a false Barclays Bank statement in connection with the fraud.

However, the only evidence the prosecution had of Ladell blowing the cash was a £1,000 statement for a night at Claridges Hotel.

Andrew McGee, prosecuting, said: “We only have limited evidence of high living.”

Ladell was remanded in custody on October 10 last year and spent time in Belmarsh before being transferred to Chelmsford Prison.

He was due to stand trial and the court service were preparing to fly two witnesses from Dubai to testify.

But Ladell yesterday changed his plea to guilty to five counts of fraud.

Judge Rupert Overbury asked for a pre-sentence report and warned the defendant he could face up to two and a half years in prison.

He said: “Custody is inevitable in this case. It’s simply a question of how long.”

Ladell, who wore a black suit and yellow tie, replied with a barely audible: “Thank you your honour.”

He will be sentenced on June 8.