Thomas Elvin, 51, from Meenacargagh, Ballybofey, told the investors he could make millions through his company Pear Shaped Resources.
But the scheme collapsed, leaving Co Donegal investors out of pocket.
Elvin claimed to have been suffering psychological problems since his case featured on the RTE news.
He was found guilty at an earlier trial of illegally operating an investment scheme.
During his trial Elvin, whose Pear Shaped Resources was based in the British Virgin Islands, claimed that he was a penniless bible-believer who wanted to raise millions for benevolent causes.
He operated from a computer on his farm through Internet contact with a US aide, Larry Marsella who had a plan to raise 25 per cent profit a day on high-risk investments on international currency exchanges through a system known as forex.
Elvin admitted in court that he hoped to turn 50,000 dollars into 98 million dollars in between 30 and 45 days but Marsella, whom he trusted, duped him.
Judge O’Hagan was told that €38,000 from “frozen” money had been repaid to one woman victim who lost €102,000 to Elvin. None of the rest of the cash was ever recovered.
Today Judge O’Hagan said he needed time to assess the case and would give his sentence on July 19.