John Field, 77, from East Sussex, was sentenced to prison having pleaded guilty at a court hearing last month, Sussex Police reported.
He appeared at Lewes Crown Court on Friday for the sentencing regarding the crime which included 13 offences and 36 victims. The total money amounted to £988,161.
Detective Constable Valerie Henwood, who investigated the case, said; "The victims, many of them elderly and all from East Sussex, are in the process of being re-imbursed by company's insurers.
"We will also be carrying further enquiries with a view to seeking a confiscation order against Field later this year under the Proceeds of Crime Act."
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A Sussex Police statement read: "Between 2005 and 2013 Field used his position as a Director of Meads Financial Consultants Limited, a firm offering independent financial advice, and operating from premises in Gildredge Road, Eastbourne, to defraud people who had entrusted moneys to him for investment purposes.
"The charges, authorised by the Crown Prosecution Service, followed an investigation by the Sussex Police Major Fraud Unit.
"He pleaded not guilty to one further offence involving £62,783 and this case was allowed to lie on the court file without being proceeded with."