Dean Capewell, 40, from Fradley, Staffordshire, was jailed for two and half years at Birmingham Crown Court earlier this year after being convicted on a series of fraud charges.
The court heard that he and two others had persuaded more than 100 people to invest in the scheme over a four-month period in 2003. Evidence was given that the investors had lost a total of £800,000.
At a proceeds of crime hearing, Capewell has now been told that unless he repays £200,000 within the next six months he will face a further two and half years in prison.
The original court hearing was told that the men had cold-called directors of small businesses and then followed up with extensive mailshots.
This was backed up by a bogus company, complete with virtual office, website and professional documentation.
Following their investment, clients received share certificates that appeared to have originated from the US.
After the case, detective chief inspector Simon Wallis, of the West Midlands Police economic crime team, commented: “This fraud was reliant on persuasive and persistent cold-calling. There is no insurance for this type of loss and it can have a devastating effect.”