Swiss Gigolo Admits to Blackmail

44-year-old Helg Sgarbi wined and dined a string of rich wives and widows, including Germany's wealthiest woman Mrs Klatten, winning their confidence and then asking for money.

If they refused, he threatened to blackmail them with secretly filmed footage of their encounters in hotel rooms around Europe.

His lawyer told a court in Munich that the long list of charges against his client "are, at their core, true."

Sgarbi's most high profile victim was BMW heiress Mrs Klatten, a married mother of three who he seduced and swindled out of £6.2 million.

His guilty plea may spare her the embarrassment of having to give evidence at the much-anticipated trial, which promised to become a sensation in Germany.

Sgarbi, who was nicknamed 'James Bond' by some of his conquests for his good looks and smooth-talking charm, is also accused of conning three other women out of £2.2 million. He is a former investment banker.

"I regret what I did," Sgarbi, 44, told the Munich court, with little emotion. "I apologise to the women involved."