Martin Pearson, 48, from Tettenhall, Wolverhampton was sentenced to four and a half years in February for defrauding clients out of £650,000.
Pearson had previously admitted to a series of theft and forgery charges when he appeared before Wolverhampton Crown Court in August 2008.
Last Wednesday, at a Proceeds of Crime Hearing, also before Wolverhampton Crown, Pearson was told that if he does not repay the £200,000
within six months he will be jailed for a further two and a half years.
Pearson, who had worked for himself, told the court he had gambled away all the money with bookmakers but investigating police officers said they could find evidence of only £460,000 being paid to bookmakers, leaving the discrepancy of £200,000.
At the original court hearing evidence was given that Pearson had deliberately targeted seven individuals, either elderly or vulnerable, telling them that he would invest their money, but instead he kept the cash for himself.
Specialist nurse Lina Raybould, 42, told the court that Pearson had approached her to invest an insurance payout she had received following the death of her husband in a car accident.
It was only when she became ill herself later that she demanded to see her policy documents. When they were not forthcoming a police investigation was begun and the scam was uncovered.
She told the court: “He provided me with a whole string of fraudulent letters to say my money had been invested. But when I contacted the firms involved they reported they had never heard of me.
“I looked him up on records and he was registered as a financial adviser.
“I thought I could trust him but he has betrayed that trust. He turned out to be a real rogue.”
Following the case his brother the MP Ian Pearson said in a statement:
“I have no connection whatsoever with my brother’s professional life and it would be inappropriate for me to comment further.”