At the high court, the Financial Services Authority (FSA) secured restitution orders against Aniz Kassamali Dhanji Manji and Suresh Maganlal Bhowan for Â£1 million and Â£17,233 respectively.
Mr Manji was the owner of the London-based Bayshore Nominees. Mr Bhowan was its sole director.
The men used two unauthorized companies based in Barcelona - Gatemore Securities and Enterprise Analytics - to sell Bayshore shares to UK investors.
Once it received their money, Bayshore moved the funds offshore.
High court judge the Honorable Mr Justice Floyd ruled that the company had broken the law by using authorized sellers and that the defendants had both knowingly been involved in the operation of the boiler room scam.
FSA head of retail enforcement Jonathan Phelan said he was pleased to have secured the return of investors' money but added that the case underlined the importance of checking that a firm is authorized before handing over any cash.