Two men convicted last year for their part in a £70m boiler room fraud have been ordered to pay £843,000 in compensation to their victims.
Philip Morris and Daniel Gooding were sentenced to five and seven years in custody respectively in May 2013 for conspiracy to defraud.
They were among six individuals convicted last year who formed the senior management and operations team for three Madrid boiler rooms.
A further two individuals were convicted for their part in the scheme in June 2014, in the largest boiler room fraud ever pursued by a UK authority. The fraud took £70m from 1,000 UK investors.
The sales entities operating from Madrid sold shares in US-listed companies on a fraudulent basis.
Investors in the companies bought shares that had restrictions on their resale for a 12 month period. When the investors came to sell the shares after the expiry of this period, they often found that they were unable to do so as they were worthless, and that the shares were in shell companies or companies that were not operating at all.
In an update published this week, the Serious Fraud Office says Gooding has been ordered to pay a compensation order of £725,968. He has been given six months to satisfy the order and will face a sentence of four years if he fails to pay.
Morris has been ordered to pay £117,000 to victims. If he fails to pay within six months he must serve a sentence of two years and three months.