Millionaire businessman James McCormick, 56, has been convicted at the Old Bailey of three counts of fraud after selling fake bomb detectors.
The Advanced Detection Equipment was based on a golf ball finder device and sold for up to $40,000 (£27,000) in Iraq, Georgia, Saudi Arabia and Niger.
McCormick, of Langport, Somerset, made an estimated £50m from sales of his fake detectors.
He marketed the detectors to military, governments and police and even the UN.
The models were described by prosecutors as completely ineffectual and lacking any grounding in science.
There is no evidence that he tried to sell to the Ministry of Defence (MoD), but an Essex policeman organised a demonstration which was watched by an MoD inspector.
McCormick claimed that the detectors could bypass "all forms of concealment".
However Richard Whittam QC, who was prosecuting, said "the devices did not work and he knew they did not work."
McCormick was remanded on conditional bail and will be sentenced on 2 May.
Watch Newsnight's full report on the fake bomb detector story and the programme's investigation into it at 22:30 BST on BBC Two on Tuesday 23 April 2013.
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