A former RBS banker who lost £500,000 of investors' money in his failed property empire has been jailed for nine months.

Bob Quigley promised handsome returns for friends and family who ploughed their savings into his buy-to-let property business.

But when property prices collapsed, so did Quigley's land and property empire. The 46-year-old, from Livingston, West Lothian, earlier pled guilty to accepting cash deposits without being ­regulated by the Financial Services Authority.

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He admitted taking £470,000 from five investors between 2006 and 2009. All of the money was lost.

Lorenzo Alonzi, defending, said of the accused: "It didn't cross his mind to apply for authorisation and it didn't cross anyone's mind to ask: 'Is that chap authorised?'."

Passing sentence, Sheriff Susan Craig told Quigley he had promised to repay his investors with interest when he was "not authorised to give that advice".