The Financial Conduct Authority (FCA) has recovered £676,000 in losses for victims of an unauthorised deposit-taking scheme in cryptoassets and forex trading.
Five of the seven defendants were part of an interim restitution order by the FCA persuaded members of the public to invest in the unauthorised activity.
The meteoric rise of bitcoin prompted the FCA to issue a warning about investing in cryptoassets last month.
It listed a number of concerns it had about cryptoassets, including lack of regulatory oversight, price volatility, marketing and charges and fees.
Justice Bacon said Bright Management Solution, Mr Hussain, Mr Kahhar and Mr Miah were jointly liable for paying back the money.
A fifth defendant, Soccer League International Limited, was also ordered to repay losses, but had its liability capped at £137,000 to reflect the short time it was involved in the unregulated activity.
The watchdog said it has taken out an injunction on the remaining two defendants, Soccer League UK Limited and Mr Mohammed Kabir, freezing up to £1.3m of assets.
It will continue to pursue the case against the remaining two defendants.
Mark Steward, executive director of enforcement and market oversight at the FCA, said: ‘This restitution order means we can take steps to repay some of the money to investors before the full case is heard by the court.
‘Before beginning to invest people should always check our register to ensure that they are dealing with a legitimate firm and check out our ScamSmart pages.’