Anthony “Tony” Silver was sentenced to eight-and-a-half years in prison after an Australian Securities and Investments Commission investigation helped uncover fraud totalling more than $1.8 million.

Silver was the shadow director of Capital Growth International Club and All About Property Developments, which raised about $9m from investors between 2008 and 2010, ASIC said on Monday.

He pleaded guilty to misappropriating $1.815m from the scheme companies by transferring money to his personal bank account, making payments to company employees and paying returns to other investors.

Investors were told their money would be used to develop properties in Tasmania or pooled and invested in bank term deposits.

They were told they would receive annual returns of between 15 and 20 per cent.

Those affected were approached through cold-calling and word of mouth, and many were pensioners.

Some were convinced to borrow against their homes so they could invest.

ASIC referred the case to Commonwealth Director of Public Prosecutions.

Silver received a non-parole period of two-and-a-half years.

His sentence follows that of his son Bradley in September 2019.

The then 30-year-old received an eight-year sentence after pleading guilty to dishonesty offences relating to the same companies totalling $4.7m.