Two further convictions have been made in what is believed to be the largest boiler room fraud ever pursued by UK authorities.
The convictions at Southwark Crown Court, brings the number of individuals convicted in relation to the conspiracy to nine and follow an investigation by the Serious Fraud Office (SFO) launched in 2007.
According to the SFO, the operation was masterminded by 49-year-old Australian national Jeffrey Revell-Reade with a total of around £70 obtained fraudulently from UK investors.
The court heard Revell-Reade set up the scheme, under which 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.
Anthony May, 58, who lived in Switzerland and then moved to Spain, was also found guilty of one count of conspiracy to defraud.
May administered the processing of shares distributed to investors and managed the finances of the conspiracy, using and managing off-shore bank accounts to distribute the funds obtained as part of the conspiracy.
The SFO also revealed six individuals were jailed for between three and seven years in May 2013 in relation to the same investigation. Reporting restrictions meant the SFO could not reveals these prior to today.
The six are:
Daniel Gooding, aged 39, Essex - seven-year sentence
Shaun David Rumsey, aged 33, Essex - five-year sentence
Philip Morris, aged 38, Kent - five-year sentence
Jon Steven Frank Emery, aged 36, Essex - five-year sentence
Ian Hughes, aged 34, Essex - four-year sentence
Emma Farmer, aged 41, Essex - three-year sentence
SFO Director David Green CB QC said in a statement: 'Over 1000 UK investors were defrauded by these criminals, who caused substantial financial damage and hardship. The victims were deliberately charmed, lied to and bullied, whatever it took to make them send their money to these criminals.
'The profits from this fraudulent scheme were used to fund lavish lifestyles featuring numerous overseas properties, wine collections, luxury yachts and private jet hire.'
He added: 'The convictions mark the culmination of seven years hard work by a dedicated team of investigators, lawyers and accountants at the SFO, and close work with other agencies.
'This case illustrates that key attributes required in an SFO investigation are determination and persistence, qualities necessary to follow the complex money flows and elaborate company structures in numerous jurisdictions.'