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The York Crown Court issued an order for monies to be recovered from Gary Woodward, a former director of 147, which will be distributed by the Financial Services Authority (FSA).

In May, Woodward was given a three year prison sentence for lying about the value of his assets to the FSA and for breaching a restraining order following successful action taken by the North Yorkshire Police.

Margaret Cole, FSA director of enforcement, said the judgement meant investors will get back a bit more of the money they lost.

"Our action and Mr Woodward’s prison sentence should show that we will take seriously anything less than complete candour and openness in dealings with the FSA.

"Future and existing investors should always make sure that they deal with authorised companies so they are protected if things go wrong,"she said.

Investors will be contacted by the FSA shortly with details of the refund.

In March this year, the FSA also gave back nearly £100,000 obtained through its own civil proceedings.

Further information about the FSA’s civil actions relating to the betting syndicate can be found on the FSA website.