Apparently this is how it was in Charles Dickens' times...
Today, two things will happen.
1. First time 'white collar' offence, he will get 1-2 years in prison, first two month will be tough for him, then open prison, then free on license, etc. He will only be behind bars a few months.
2. He might be given a 'fine' based on Proceedings of Crime act. This will be based on the Judge's estimate of how much he profited from the fraud, not on his current ability to pay. If he does not pay, he will receive additional prison sentence probably another few month to one year, but once this time has been served he does not need to pay the 'fine' any more.
Anyone affected can sue him personally, but civil proceedings do not have the same enforcement level - i.e. he may go to prison for contempt if this becomes relevant, but he will not go to prison simply for not paying after losing a civil court case.
So, wholly inadequate now really.
I suppose I shouldn't be surprised really.
Bring back certain traditions from Dickensian times!