A COMPANY director who duped investors into paying more than £100,000 into noodle bar franchises for a return of just £70 has been spared jail.

Ian Simpson has been given a 20 month suspended sentence for fraudulent trading after tricking investors to pour huge amounts of money into his Panda Yummy Food companies.

The 57-year-old, from London Road in Hailsham, convinced six investors to pay out a total of £23,272 for franchises.

Four victims paid a total of £6,704 in response to an advert for a franchise opportunity with Panda Yummy Noodle Bars with guaranteed annual returns of £25,000 to £50,000 a year for selling Halal chicken breasts to retail food outlets.

Two victims invested £16,568 into oriental takeaway business Panda Yummy Delivered.

East Sussex County Council trading standards have also been contacted by at least five additional victims who invested between £12,000 and £40,000 into Panda Yummy Delivered.

None of the investors are believed to have seen a return and were offered a series of excuses for the delays.

When asked for refunds, Simpson eventually paid back £70 to one investor but the others received nothing.

Cllr Chris Dowling, East Sussex County Council lead member for community services, said: “Simpson tricked his victims into paying for something he was not in a position to deliver and rather than doing the right thing and returning the money, he has left at least six people thousands of pounds out of pocket."

The council is now seeking compensation for his victims with a confiscation hearing taking place in June.

Simpson has been disqualified from being a company director for 15 years following his sentencing at Lewes Crown Court last month.