This figure is believed to be the full amount invested by victims and it will be repaid to them in full.
Members of the public were cold-called from overseas by individuals saying that they worked for Rothman Capital, Bishop Capital, Bernam Shore, and Investor Relations Corp, and encouraged to buy shares in a company called Eduvest Plc with the promise of a significant return on their investment.
They were instructed to make payment into a UK bank account, but the shares were worthless.
The investigation is ongoing.
FSA director of enforcement and financial crime Margaret Cole says: “We are extremely pleased to be able to recover and return money to investors who have been persuaded to hand over their money as part of a share fraud scam.
“Such good news is rare for victims who deal with unauthorised firms, as the money usually disappears without a trace.”