A FRAUDSTER from Hoddesdon has admitted conning three businessmen out of £850,000.

Adam Adamou met the trio as part of his role as head of sourcing for a concierge club.

He promised to secure the businessmen expensive watches and luxury motor cars such as Ferraris, Lamborghinis and Aston Martins.

Adamou, 38, approached the men to join the private concierge club, which helps entrepreneurs profit by buying and selling luxury goods.

Over time they placed significant investments with Adamou, who had gained their trust.

Subsequently, he told them that he wanted to set up his own business and payments were then made directly to his account rather than his employer’s.

While the victims received some goods from him initially, as time progressed and more orders were placed Adamou failed to deliver and it became apparent he had stolen their money.

Adamou pleaded guilty to 13 charges of fraud and was remanded in custody.

He also pleaded guilty to a further seven offences of fraud following an investigation by the Metropolitan Police, with a further five counts of fraud being ordered to remain on file.

Adamou is due to be sentenced at Southwark Crown Court on October 3.

The Mercury