Tomas Wilmot was sentenced to nine years imprisonment while his two sons Kevin and Christopher were given five years each for the parts the played in the crime.
An investigation by the Financial Services Authority (FSA), City of London Police (CoLP) and Eurojust found that approximately 1,700 investors, many of whom were elderly, were defrauded by a syndicate of boiler rooms which the Wilmots controlled.
Judge Leonard QC said: "You ran a highly successful enterprise. You deprived many individual investors of substantial amounts of money; for some that was money they could not afford to give up. It was a staggering amount of Â£14 million.
"You've sailed so close to the wind in your commercial enterprises it was not a surprise the FSA investigated you.â
The investigation found that the Â£27.5 million sum was deposited into five UK bank accounts with Â£14 million transferred to offshore banks in Malta, Lithuania and Spain.
By Jim Ottewill