A BUSINESSMAN who defrauded his friend out of £2.3m and 'destroyed his life' has been ordered to pay back just £1 of his ill-gotten gains.

Christopher Angus was jailed for five years and four months at Oxford Crown Court in February after admitting one count of fraud against Aaron Wall.

He had lost millions of pounds after an investment went 'dreadfully wrong', and then 'foolishly' doctored bank statements to get Mr Wall to plough more money into the failing scheme.

Yesterday, at the same court Angus was told he would pay back just the 'nominal amount' or in the event that he does not pay that sum he would face a further seven days in prison.

READ AGAIN: Our report from the original sentencing hearing.

Prosecutors said at the hearing that the total benefit figure for the fraud was £2,523,852.25.

The 'available amount', however, was determined to be just £1.

Presiding Judge Michael Gledhill QC ordered that the money be confiscated and said a default period of seven days in jail would be attached to that order.

He said that because there was 'no money available' he was constrained to make that order.

The judge added that were Angus to come into any further money it would be open to the prosecution to seek further confiscation proceedings.

Angus was also ordered to pay a victim surcharge.

At the original sentencing hearing for the case presiding Judge Nigel Daly said that the scam had led to the 'complete destruction of Mr Wall's life.'

He added: "I don't know what got into you - it may well be that once you started, you simply couldn't stop."