A man who convinced university students to take out finance on luxury watches, laptops and mobile phones has been jailed for four years after scamming them out of more than £57,000.

Sir-Folliot Quarm, of The Tower in Vauxhall, London, convinced ten students in Reading, Milton Keynes, Oxford and London to take out finance on phones, laptops, tablets and Rolex watches between December 2017 and April 2019.

The 32-year-old pleaded guilty to conspiracy to commit fraud and entering into or becoming concerned in a money laundering arrangement at Reading Crown Court on Thursday, October 3.

Quarm reportedly lied to his college-age victims, telling them that finance contracts on the technology and luxury goods they obtained and hadn't over to him wouldn’t be processed.

He then threatened the students and their families to take out further finance – despite the cost of the 55 items he obtained in the two-year period amounting to over £57,000.

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Other attempts to secure finance-bought items were unsuccessful due to failed credit checks, but, if they had gone through, would have upped the total value of Quarm’s scheme to around £100,000.

Investigating officer Detective Constable Ross Fleming said: “Fraud is the most commonly experienced crime in the UK, with no one type of victim.

“Fraudsters lie, cheat, manipulate and threaten victims to achieve their criminal goal (so) if something appears too good to be true, it probably is.

“This case demonstrates how a seemingly innocent opportunity to make money fast for little effort can be much more sinister with extreme repercussions.”

The DC added: “We’re aware that incidents like fraud can have a huge impact on individuals, often causing them to feel embarrassed.

“I would like to reassure anyone affected by fraud to report these issues without fear of judgement, and you will be supported and treated with dignity. As in this case, we will do our utmost to secure justice for you and stop others falling foul of a similar fate.”