The court in Egypt handed down the sentence to Nabil Al Bushi for “swindling 350 million Egyptian pounds ($62 million) from Egyptian citizens via his Optima Security Brokerage firm,” a judicial official told AFP.

Bushi managed to con a star-studded list of more than 85 people.

He convinced investors to part with their cash by claiming to hold a senior position at the World Bank and to being a consultant on Egypt’s investment policy for the next 20 years, earning him the nickname of “Egypt’s Madoff.”

Wall Street fraudster Bernard Madoff is to be sentenced in June after pleading guilty to a massive 50-billion-dollar pyramid fraud that took in thousands of clients, including many celebrities.

Meanwhile, the tycoon remains on trial in Dubai in three  bounced cheque cases worth more than  $11 million.

The counsel for the Egyptian plaintiff in Dubai, Eissa bin Haidar, said that the Court of Misdemeanours was yet to give a ruling against Al Bushi.

“We are still in the midst of court hearings. As far as we know, in the upcoming hearings, scheduled for May 11 and 19, the defence team of Advocates United for Legal Consultancy will give their arguments,” Bin Haidar told Khaleej Times on Wednesday.

Dubai’s Attorney-General Essam Eissa Al Humaidan earlier announced in a statement that Al Bushi would not be extradited before all his cases were closed in the UAE.

Bushi and accomplice Fekri Badreddine, jailed for three years, were ordered to return the money and pay fines of 10 million and 100,000 pounds respectively.