The victims of a multi million pound fraud run from a bedroom in Watford could receive almost £1 million in compensation.

A compensation hearing at Southwark Crown Court on Friday ordered the scheme’s main perpetrator, Frazer Bettie, to pay a total of £955,579 to the often elderly victims of the so-called boiler room scam, which saw more than 320 people conned into buying worthless shares.

Bettie, 34, formerly of Dunstable Road, Dagnall, was one of four men convicted in connection with Operation Wizard, a £4 million scam, run from the bedroom of a house in Muriel Avenue.

The ruling, made under the Proceeds of Crime Act, means Bettie has just six months to pay up. If he fails to pay up he will have his four and a half year sentence doubled.

It has been estimated that Bettie benefited from the crime by £1,163,188 - however £955,579 is the realistic amount police believe that can be claimed from his assets.

Further confiscation hearings against the other three men will be held in March 2010 where further compensation for victims will be obtained. This is likely to be within the region of £300,000 to £400,000.

Detective Constable Jim Frost, of Hertfordshire Constabulary’s Fraud Squad said: “This is a fantastic result and will see all the victims of this despicable crime compensated and get back some of the money they lost. Although they will not be receiving all the money they were conned out of, I hope what they will receive can help bring some closure to this traumatic experience.”