Between July 2017 and June 2019, Rick McLeod convinced four women he met on the site Oasis to invest through his so-called broker business.
Each of the women sent McLeod money, ranging from $15,200 to $80,000, with the belief they would get their funds back with interest.
But McLeod instead used the money to fund his drinking and gambling habits, only repaying $9900 of the $182,200 he took from the women.
He was arrested in August 2019 after his final victim came forward and reported the crimes to police.
In November, McLeod pleaded guilty in the Victorian County Court to charges of obtaining financial advantage and property by deception.
He had repeatedly delayed his court proceedings over the past two years by changing lawyers and his plea, but he was finally sentenced on Friday morning.
County Court Judge Peter Rozen described McLeod's offending as callous, saying the 74-year-old took advantage of the women and their emotions.
In statements to the court, the victims said they felt embarrassed and ashamed after McLeod's offending, and they could no long trust anyone.
"It's clear it's had a devastating and enduring impact," Judge Rozen said in his sentencing remarks.
McLeod's lawyer submitted there was a link between the 74-year-old's crimes and his diagnosed alcohol use disorder, depression and borderline personality disorder.
But Judge Rozen could not see the connection, noting McLeod had never been treated for his conditions and his mental capacity was not compromised.
"You were fully aware of what you were doing," the judge told the court.
Judge Rozen noted McLeod had 400 dishonesty offences on his criminal record dating back to the 1980s and he had previously served jail time for similar offending.
Protection of the community was important when it came to sentencing because McLeod's prospects of rehabilitation were poor, the judge said.
McLeod was sentenced to three years and 10 months behind bars, and will be eligible for parole after two years and three months.
He was also ordered to pay one of the victims $78,000 in compensation.
McLeod did not react throughout his sentencing hearing, instead quietly leaving the courtroom with the prison guard once it concluded.
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