Under the Proceeds of Crime Act, Craig and Marvin Brooks could be liable for life for the remainder of the victims’ losses, or until the full amount, plus interest, is repaid.
Detective Sergeant Marek Coghill, of the City of London Police’s fraud squad, said: "This was an extensive investigation reflected in the sheer number of victims who fell prey to the Brooks brothers’ manipulation.
"The financial loss to over 350 victims in this case is substantial, but the toll that this type of cynical and indiscriminate crime can take is far greater.
"These offences are not victimless crimes. They target elderly and infirm members of the public, many of whom are often vulnerable."
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This story has been amended since publication after the City of London Police issued a clarification relating to the relationship between the two defendants and the Proceeds of Crime Act outcome.