A failing businessman who conned a bank out of £150,000 and used the cash to fund his lavish lifestyle turned bungling building society robber after he was released from jail.

Norman Wright, 50, was jailed for 15 months after convincing Midland Bank manager Nigel Bowers that his clients were due to invest thousands of pounds into his firm so he would lend him the cash.

And by the time the bank became suspicious he had had frittered away £150,000 in just 18 months on flash suits, Rolex and Cartier watches and luxury holidays.

Newcastle Crown Court heard how he was released on licence early last year and by April had turned robber.

Prosecutor Penny Moreland told the court how he went into the Merchantile Building Society in Whitley Bay and demanded cash using a note, threatening to shoot the terrified staff, despite being un-armed.

Miss Moreland said: "The defendant came into the building society wearing a distinctive blue and yellow jacket.

"He passed a note that said 'Read this note, do what it says. Urgent, read it carefully, do not touch the alarms. This is a hold up, I've got a gun in my pocket. Do as I say or I will shoot. Put all notes from the draw in the bag.'"

Wright threatened to shoot customers and staff and managed to walk away with £280 in notes.

He carried out the same scam at the Newcastle Building Society in Hexham, Northumberland, just a week later and walked away with £440.

He was caught by police two days later outside the Nationwide Building Society in Gosforth, Newcastle, carrying the same type of notes and wearing the same distinctive jacket, after someone recognised him from his description.

He was arrested and pleaded guilty to two charges of robbery. A charge of going equipped was left on file.

Wright, formerly of Mill Crescent, Hebburn, was jailed for five years by Judge Beatrice Bolton today.

She said: "I don't know what your motivation was or why you stooped to this level. But the message must go out that this type of offending will not be tolerated."

Updated: 15.47 Friday, July 20