Former City trader became Bernie Madoff of Frinton-on-Sea by swindling £3.3m from wealthy friends in get-rich-quick schemes Ian Dickinson, 49, convinced friends to invest millions in his company He made it appear successful by using new investors cash to pay false returns to existing clients - known as a Ponzi scheme Dickinson - a former president of the Frinton Rotary Club - convinced other members to invest Similar to jailed Bernie Madoff who defrauded investors of £39billion Dickinson told to expect 'lengthy jail sentence' for two counts of fraud Facing prison: Former city trader Ian Dickinson conned friends out of £3m A former City trader dubbed the Bernie Madoff of Frinton-on-Sea has been warned to expect a long jail sentence after admitting conning wealthy friends and colleagues out of more than £3 million with get-even-richer-quick schemes. Ian Dickinson, 49, conned his wealthy friends out of millions by new investors" cash to give the impression of a successful money-making business. The con netted Dickinson more than £3.3 million - helping him to fund his lavish lifestyle which included a £500,000 home in Frinton-on-Sea, Essex. The conman yesterday appeared in the dock at Chelmsford Crown Court where he admitted two counts of fraud and was told to expect a lengthy jail sentence. Judge Anthony Goldstaub QC told him: 'You are facing a long prison sentence - custody is inevitable.' Dickinson conned millions out of investors after claiming he could make them quick returns on foreign exchange deals through his company FX Trading. The fraudster targeted friends, family and wealthy clubmates who he impressed with immediate returns on their early investments. The con - known as a Ponzi scheme - used new traders" investments to pay false returns to current investors. Trusting members of Frinton Golf Club, Frinton Lawn Tennis Club and Frinton Rotary Club pumped thousands of pounds into the scheme which took place between January 2007 and November 2010. Lawn tennis club chairman Roger Evans said: 'It is a sad day to see anybody let themselves down so badly, but that's the way things are. We are all sad to see it happen and we hope that once he has paid his penalty, we can all find a way to move on. Fricton-on-Sea: Ian Dickinson targeted wealthy residents in Frinton-on-Sea, Essex, by offering get-even-richer-quick schemes It is a very sensitive situation and obviously impacts at the heart of the community. He was previously regarded as a pillar of the community in the town where he was a former president of the Rotary Club and a leading member of the golf and cricket clubs. One prominent resident, who did not want to be named, added: 'Everybody has shut up about it - no one wants to talk about it. Members of the golf club, the tennis club and the rotary club have all been hit by it. Dickinson's con was eventually uncovered and he was charged with carrying on a business for a fraudulent purpose and being involved in a regulated financial activity when not permitted to do so. The Bernie Madoff of Fricton-on-Sea: Locals in Fricton-on-Sea have compared Ian Dickinson to Bernie Madoff - pictured left - a New York financier jailed for 150 years after defrauding New York investors of £39 billion Speaking when the scheme was unravelled, one local said: "He is a very loud, well spoken and larger-than-life Hooray Henry character who adores being the centre of attention. But I don't think he is welcome round here any more - and that is putting it very politely. There are people who have lost a fortune due to his apparently reckless dealings. Another said: "The joke around here is that he's the Bernie Madoff of Frinton-on-Sea.' The 'joke' references the disgraced American financier, once a respected member of New York society, now serving a 150-year sentence for defrauding investors of £39 billion. Dickinson was bailed to an address in Ipswich, Suffolk, ahead of sentencing next month. In court: Dickinson was told he faces a lengthy jail sentence when he pleaded guilty to two counts of fraud at Chelmsford Crown Court