The fund was run through three companies, Plott Investments Ltd, European Property Investments (UK) Ltd and Stirling Alexander Ltd, between July 2008 and November 2011.
The salesmen who operated the scheme convinced over 100 investors to purchase land at a vastly inflated price with the promise of returns over time, which never materialised.
Described by a high court judge as a “very substantial and deliberate fraud on the public”, the scheme raked in more than £4.3m from 110 duped investors.
Daniel Forsyth and Aaron Petrou were the final men to be given confiscation orders this week after six further men, Scott Crawley, Brenden Daley, Adam Hawkins, Ricky Mitchie, Ross Peters and Dale Walker, faced the courts earlier this year.
The group were fined a total of £2,195,496 which will be paid back as compensation to their victims, some who will receive back only 40% of the money lost.
The court heard how the fraudsters cold-called potential investors using sales scripts, misleading promotional material, and high-pressure sales techniques to lie about the current and future value of the land.
Last November, six of the eight men were banned by the FCA from performing any function in relation to any regulated activity in the industry.
Mark Steward, the FCA’s executive director of enforcement and market oversight said: “The FCA will continue to pursue those engaged in financial crime, including advisers and other professionals who facilitate misconduct or who launder its proceeds.
“We will also take action, wherever possible, to address the harm caused by misconduct, including taking action to strip illegal gains from defendants for the benefit of those who have suffered loss as a result.”