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Defendants sentenced in FCA prosecution of £1.4 million investment scheme

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  • Defendants sentenced in FCA prosecution of £1.4 million investment scheme

    Samrat Bhandari, Dr Muhammad Aleem Mirza, Michael Moore and Paul Moore, each of whom played a role in the operation of an investment scheme which led to investors losing just over £1.4 million, today appeared at Southwark Crown Court to be sentenced.

    https://www.fca.org.uk/news/press-re...estment-scheme
    Between 2009 and 2014, each of the four defendants played an instrumental role in the systematic and prolonged misleading of investors, many of whom were vulnerable, retired individuals, through the creation of a wholly misleading impression as to the value and prospects of Symbiosis Healthcare Plc (“Symbiosis”). Dr Aleem Mirza set up Symbiosis as a company purporting to offer “healthcare solutions” and Samrat Bhandari, as director of William Albert Securities Ltd, acted as corporate advisor to Symbiosis and organised the selling of Symbiosis shares. Both were responsible for publishing misleading statements and exaggerated promotional material which was designed to fool investors. Additionally, investors were cold-called by brokers, including the Moore brothers, and mis-sold shares in Symbiosis. Despite promises to investors of large profits, and extravagant claims about the operation and expansion of a network of medical clinics in Dubai and elsewhere, in reality the shares in the company were effectively worthless. In total, over 300 investors lost just over £1.4 million through the scheme.
    Last edited by Amethyst; 21st December 2017, 10:52:AM.
    Tags: None

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