A “greedy and dishonest” Pembroke businessman fiddled more than £40,000 in benefits while banking over two million pounds, a judge heard this afternoon.

Keith Francis, aged 70, kept quiet about operating six bank accounts and owning pubs, a restaurant and apartments.

Francis, of Bush Rise, Bush Hill, admitted defrauding the Department for Work and Pensions out of pension credits worth £41,851.

Swansea crown court heard he had repaid just £2,431.

Merion Davies, prosecuting, said Francis applied for credits in 2004 but would not have been entitled to anything had he told the truth about his financial affairs. But he claimed to have no assets or investments, or any income.

Francis began to receive about £157 on top of his state pension.

But DWP officials found four bank accounts used by Francis and that £2.1m of income had passed through them while he continued to receive pension credits.

Francis had told the Department he had once been a publican, but had stopped in June, 2004, and would never return to the trade.

Officials then discovered he had a financial interest in The Moat House, Pembroke, which was being converted into 14 apartments, 11 of which had been sold.

He also bought the Molly Malone restaurant, Pembroke, in 2007, and also took over the Prince of Wales pub, Pembroke, and the Bush Tavern, Pembroke Dock.

“It begged the question,” said Mr Davies, “where all the money was coming from.”

Officials also discovered a mortgage application which stated that Francis made £50,431 a year and his wife Sylvia £50,250.

“That came as a complete surprise,” added Mr Davies.

Francis was interviewed by officials and still maintained he had no assets, income, pensions or savings, even though it was already known at that stage that he had been a director of six companies.

When told it could be proved he had banked £2.1m in four bank accounts alone between 2005 and 2012 “he just laughed.”

Mr Davies said to this day Francis had not provided the DWP with “a single document” and the department still awaited some sort of profit and loss account.

But, he stressed, it was not important whether Francis had been a successful businessman or not. He had been under a clear obligation to disclose income, irrespective of where it came from.

Francis’ barrister, James Hartson, said he was now £1m in debt. Most of the properties he owned were in negative equity and the courts had already issued a restraining order controlling £55,000 in assets.

That order, he said, would easily meet the £39,420 Francis still owed the DWP.

He described Francis as well thought of in the business community.

Judge Paul Thomas told Francis, “The case against you was overwhelming. There were several properties and businesses and it is inconceivable that you should be entitled to state benefits paid for by the rest of us.

“You are greedy and dishonest.”

Francis was jailed for nine months, but the sentence was suspended for 12 months because of his age, the state of his health, his lack of previous offending and his guilty pleas.

He was also ordered to carry out 100 hours of unpaid work for the community.

Mr Davies said the DWP would ask Francis to pay a minimum of £1,200 in costs at a future hearing.