Landlords ripped off for £150,000 by a fraudster letting agent are likely to only see 14p in the pound back against their losses.
Jeffrey Hoslett is already serving two years behind bars after admitting fraud.
He returned to Gloucester Crown Court for a proceeds of crime act hearing.
Recorder Michael de Navarro QC made an order confiscating Hoslett’s assets of just £19,569 realised from the sale of his house.
The court was told the biggest losers out of the 33 fraud victims were landlords who allowed Hoslett to manage their buy to let homes through his firm Cotswold Residential Lettings in Stroud, Gloucestershire.
He diverted cash collected as rent to pay day-to-day personal and business bills.
Stephen Thomas, defending, said that Hoslett took the money to try to keep his business open.
His money problems started when he had to pay a £20,000 tax bill which he paid from client cash.
Mr Thomas said: “He should of course have closed the business straightaway but he was very naive in relation to business matters.
“He did not recover from paying that tax bill. He did not seek any financial advice and he was effectively from then on robbing Peter to pay Paul.
“Of course he had respect for the previous owner, who he said was like a mother to him. She said the company was worth £65,000 to £70,000 and he raised finance when she sold it to him. He took no advice and didn’t really know that it was already a failing business.
“He has he has been an absolute fool – in his own words totally gormless – in doing what he did.”
Hoslett was jailed for fraud at a previous hearing.