A financial advisor who swindled £5million from his elderly victims has been ordered to pay back just £1 . Terry Warrington persuaded dozens of vulnerable people to part with their life savings , after spending 25 years running a successful investment company with his business partner . But the pensioners were left penniless when their investments were lost , and Warrington was jailed for four-and-a-half years in January 2014 after admitting fraudulent trading , theft and operating while unregulated . Terry Warrington ( left ) persuaded dozens of vulnerable people to part with their life savings , after spending 25 years running a successful investment company with Malcolm Barber ( right ) At a proceeds of crime hearing hearing at Preston Crown Court , Warrington , who has now declared himself bankrupt , was made to pay back just £1 , despite benefiting from more than £5million . An elderly couple from Morecambe , Lancashire , who lost over £100,000 after investing on the advice of Warrington , said : 'That money was to help the family and give us something to fall back on and that worries us more than anything . ' A couple from Heysham , Lancashire , who invested £30,000 following advice from Warrington , said : 'Terry came to our house three times and told us he was having a bit of trouble raising the cash , but he would pay it out of his own pocket . We are still waiting . ' For almost 25 years , Warrington and his colleague Malcolm Barber ran an investment company offering fixed bonds and loans to hundreds of investors . At a proceeds of crime hearing hearing at Preston Crown Court ( pictured ) , Warrington , who has now declared himself bankrupt , was made to pay back just £1 , despite benefiting from more than £5million . But in April 2007 , the scam was uncovered and the business partners were jailed following a lengthy investigation . They were both banned from being company directors for five years . An investigation will now be launched into all Malcolm Barber 's assets , to determine how to meet the £5.7million payback . All the money eventually recouped will be paid back proportionately to the victims . A further hearing will take place in September once investigators have analysed Barber 's assets . A Crown Prosecution Service spokesman said : 'Should Terry Warrington come into any money in the future , that will be confiscated . '
Terry Warrington persuaded dozens of victims to part with life savings . He and business partner Malcolm Barber ran investment firm for 25 years . But many pensioners were left penniless when their investments were lost . Warrington was jailed last year after admitting fraud and theft charges . He declared himself bankrupt and has been ordered to pay back just £1 . Ruling was made at a proceeds of crime hearing at Preston Crown Court .