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A high-flying Sydney conman who duped investors out of more than $8 million will spend Christmas and New Year behind bars.
Dimitri de Angelis, 46, was refused bail at a brief sentencing hearing in the NSW District Court in Sydney today after pleading guilty in October to 16 fraud charges.
The court had previously been told the former Qantas steward rented Rolls-Royces, luxury holiday homes and offices to fool investors into thinking he was a wealthy businessman and that his recording company Emporium Music was a "foolproof scheme".
The prosecution said Paris-born de Angelis also photoshopped himself into pictures with the rich and famous - including the Pope, former US presidents Bill Clinton and George W Bush, the Dalai Lama, former Prime Minister John Howard and businessman Kerry Packer - to create the impression he was highly successful.
Those stung by de Angelis included Anne Keating, the sister of former prime minister Paul Keating, Sydney's former deputy lord mayor Marcelle Hoff, experienced businessmen and lawyers.
Judge Richard Cogswell refused to continue bail for de Angelis and ordered he be taken into custody until the matter resumes on January 21 next year.
Judge Cogswell said it was obvious that de Angelis went about deceiving a number of people in a systematic and calculating way.
"I would have some concern about him being at liberty in the community for any longer," he told the court today.
"In the circumstances I see no reasonable case for continuing his bail."
Outside court last week, de Angelis admitted he deserved to go to jail.
"It's a complex situation as we all know but I have to do time for my crime," he had told reporters.
Dr Angelis showed no emotion as he walked from the public gallery to the dock to be arrested by the sheriffs.
The matter will return to the District Court on January 21, 2013.