Mayne had no previous convictions, and had published articles in the financial press as well making TV appearances.
He worked in the City as a regulated broker and had his own firm called 'EGR Broking Ltd' which had ceased trading.
Anu Mohindru, KC, defending Todd, said: "Since the offence, Mr Todd embarked on a journey of self-reflection. He obtained a higher education certificate in law."
Todd was jailed again in 2019 for another scam where he marketed plots of land that had no planning permission.
"The effect of being in custody during the pandemic cannot be overstated", said Mr Mohindru. But he also argued that Todd had learned from his time in jail.
Todd co-founded ‘Inside People’, an organisation aimed at securing employment for ex-offenders.
The defence said: "He is a true advocate for rehabilitation. It would have a profound negative impact if Stephen were sent to prison."
Andrews was jailed for five and a half years in September 2020 for dealing in MDMA, a Class A drug.
He was "a close friend and business acquaintance to Stephen Todd for more than eight years", said Jason Sugarman, for Andrews.
"Mr Todd could be extremely persuasive and dictatorial as an employer."
Mr Sugarman said Andrews "has served extra time because he has not been eligible for early release, and he has suffered from the delays of Covid and this case hanging around.
"He has a child he hasn’t seen since his third birthday, who is six in early March.’
Todd, of Limehouse, east London, and Mayne, of Earl’s Court, admitted conspiracy to defraud.
Williams, of Minster-on-Sea, Kent, admitted converting criminal property between 19 May 2014 and 3 February 2015, namely £60,553, knowing or suspecting it to constitute or represent in whole or in part a person’s benefit from criminal conduct.
Andrews, of Greenhithe, Kent, admitted converting criminal property between June 14 and 30 2014, namely £60,000, knowing it to constitute and hold at least in part proceeds from criminal conduct.
Confiscation proceedings will now begin to recoup some of the money lost by victims of the fraud.
Eddie Beaver is a court reporter at Southwark Crown Court
