Mr Baumgartner won investment from the two of the show’s most prolific investors Peter Jones and Theo Paphitis when he pitched offering a stake in his satnav for skiers business.
It is reported that Baumgartner had used the Dragons’ cash to fund an exclusive lifestyle that included renting a luxury home in Hampstead, London and giving thousands of pounds to his partner.
Judge Aidan Marron QC is quoted by the Sun newspaper as telling him: ‘You lied about the ownership of equipment which was pivotal to your pitch on TV.
‘You created a false trail of documents to deceive well-intentioned people.’
Both of the Dragons were due to appear at Blackfriars Crown Court to give evidence but at the last minute the defendant changed his plea to guilty.
Baumgartner had previously claimed that Paphitis and Jones did not give him the expertise they had promised, which had lead to the demise of Satski.
But he later admitted lying to them about ownership of the rights to the product.
Mr Baumgartner was sentenced to two years and eight months in prison.