TWO ticket touts have been warned they face jail over a £5m Olympic ticket fraud which took in more than 10,000 customers.

The scam saw sports fans pay up to 48 times the price of Beijing Olympics tickets - but not a single one arrived.

Yesterday (July 5) jurors at Southwark Crown Court found 52-year-old Terence Shepherd of Liskeard Gardens, Blackheath, guilty of fraudulent trading.

Alan Scott, aged 56, from Essex, was found guilty of the same charge.

Shepherd was also convicted of money-laundering and acting as a director while disqualified.

The parents of gold medal-winning swimmer Rebecca Adlington were among victims from all over the world taken in by the ticket fraud in 2008.

Prosecutors claimed several companies, including Xclusive Leisure and Hospitality and Peter's Tickets, were involved in the scheme.

The court heard customers lost a total of £6m and prosecutors were now hoping to seize the company assets.

Allan Schaverien, aged 67, had earlier admitted aiding and abetting fraudulent trading in relation to the case.

Shepherd's wife Margaret Canty-Shepherd, 51, was cleared of money-laundering.

Cyril Gold, from Harrow Weald, north west London, was found not guilty of aiding and abetting fraudulent trading.

Remanding Shepherd and Scott in custody until sentencing on Monday (July 11), Judge Martin Beddow said: "You have now been convicted of very serious offences so a term of imprisonment of some significance is now inevitable."