Self-styled ‘Lord’ Davenport - known as 'Fast Eddie' - masterminded an ‘advanced fee fraud’ scheme that ripped off scores of businesses.

Davenport set up Gresham Ltd in 2005 and pretended it was a respectable business with 50 years of sourcing huge commercial loans. He charged companies advance fees for loans of up to £157million but the money never materialised.

The scam conned at least 51 victims and from 2007 to 2009 Gresham Ltd received more than £4.5million from unsuspecting clients, the court heard.

‘To outward appearances it was long-established, wealthy and prestigious,’ said Simon Mayo QC, for the prosecution. ‘It was essentially worthless. Its only business was fraud.’

The businessman had many high-profile friends including socialite Tamara Beckwith (right) (Picture: Rex Features)

Davenport owns Sierra Leone’s former high commission at Portland Place, London, used in The King’s Speech – and a gay porn film.

The 45-year-old is pictured on his website with celebrities including Cowell and Hugh Grant, Knightley, Beckham and Mick Jagger.

He boasted of 'beautiful homes and a collection of sports cars which would make any man jealous including a Ferrari 360 Spider, an Aston Martin Virage Volante, a Rolls-Royce Phantom and a Lamborghini'.

Davenport was banned last year from using his home for activities including a ‘porn disco’, sex party and pole-dancing lessons.

He was jailed last month for seven years and eight months with accomplice Peter Riley, 64, of Brentwood, Essex. They were convicted of conspiracy to defraud. Borge Andersen, 66, of South Kensington, got 39 months for the crime.

Con victim: Royal dress designer Elizabeth Emanuel was among those who paid money to Davenport (Picture: PA)

According to Gresham Ltd accounts, Andersen received £159,564 from the fraud, Riley £695,407 and Davenport £773,000. A total of £349,025 vanished, the court heard.

The convictions at Southwark crown court can be revealed because a reporting order was lifted yesterday.

Princess Diana's wedding dress designer Elizabeth Emanuel - who had been one of Davenport's victims - welcomed his sentence.

The 58-year-old turned to him in 2008 in the hope of raising £1m for her business, Art Of Being, and was asked to pay £20,000 - later reduced to £5,000 - for his company to complete due diligence.

'I think justice has been served,' she said.

'The amount I lost was nothing compared to everybody else but he was happy to take my £5,000. It sums up the sort of person he is.'

rich Irish still live life with a bang!

Not everybody is going broke in Ireland these days. While the bankruptcy courts continue to clog with casualties of the recession, like the Stokes brothers, there still remains a wealthy sector of society flying well above the financial carnage. Preferring to indulge in luxury jaunts outside the country rather than display any largesse at home, they head to places far beyond Irish shores for treasured moments they'll never boast about in the society columns. One such pair headed first class Down Under for a specially organised New Year's Eve treat for two, high atop the Sydney Opera House to view the biggest fireworks display on the planet. It was the ultimate night to remember for the middle-aged couple, and all organised by their personal concierge service -- where discretion comes as part of the package. Though the ranks of Ireland's rich and famous have been severely thinned out by the economic downturn, there are still plenty of low-profile millionaires out there...

British tourist falls to her death from hotel balcony in Magalluf

23 year old British tourist has fallen to her death from the third floor balcony of her hotel in Magalluf, Mallorca. Emergency sources said it happened at 4.25am Saturday morning at the Hotel Teix in Calle Pinada. Local police and emergency health services went to scene. After 20 minutes of an attempt to re-animate her heart, the woman was pronounced dead. Online descriptions for the Hotel say it is the best place to stay of you are looking for non-stop partying, adding it not suitable for families.

240 kilos of cocaine have been found in the hull of a yacht in Huelva

240 kilos of cocaine have been found in the hull of a yacht in Huelva Agents from the National Police, in collaboration with the United States DEA, have arrested six people; four in the province of Huelva and two in Madrid in the three searches carried out as part of the same operation. The investigation started at the beginning of April, when large amounts of cocaine has been arriving in Europe by sea, carried out by an international organisation. Further investigations revealed the head of the organisation is a Spaniard, who lives in Colombia, and who had returned to Spain recently, presumably, to coordinate a consignment of the drug. The rest of the organisation are all Colombian, and had the job of providing logistic support on land for the reception and extraction of the drug.

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