Most of the 300 investors who fell victim to the Symbiosis fake share fraud were old and vulnerable, according to evidence heard at Southwark Crown Court where two of its operators have been found guilty after a successful prosecution by the UK's Financial Conduct Authority.

Samrat Bhandari and Dr Muhammad Aleem Mirza were found guilty for their part in operating the scheme, which led to losses of more than £1.4 million. A third defendant, Albene Mendy, was found not guilty. The trial at Southwark Crown Court lasted 49 days and the jury returned its verdict on Thursday last week. At an earlier hearing two other defendants, brothers Michael and Paul Moore, pled guilty to offences in relation to the same scheme. The four will be sentenced later this month at the same court. The Moores pled guilty to creating a false impression - an offence under s397(3) Financial Services and Markets Act 2000 - and carrying on a regulated activity without authorisation, in contravention of ss19 and 23; Michael also pled guilty to creating a false or misleading impression in contravention of s90 Financial Service Act 2012. Bhandari was convicted of creating a false impression and carrying on a regulated activity without authorisation. Mirza was convicted of creating a false impression, creating a false or misleading impression and (in contravention of s19(1) Theft Act 1968) publishing false or misleading statements as a company director. Mendy was acquitted of creating a false impression, carrying on a regulated activity without authorisation and creating a false or misleading impression.

At times between February 2009 and early 2014, brokers cold-called investors, many of whom were retired, and mis-sold them shares in Symbiosis Healthcare Plc. Aleem Mirza, a medical doctor, set this corporation up to provide 'healthcare solutions.' Samrat Bhandari was a director of William Albert Securities Ltd, a British company which acted as corporate advisor to Symbiosis and organised the selling of Symbiosis shares. Albene Mendy (the acquitted defendant) also worked for William Albert Securities; Michael and Paul Moore were among the brokers.

Despite promises to investors of large profits and extravagant claims about the investment opportunity that the operation presented to them through an expanding network of medical clinics in Dubai and elsewhere, the FCA judged the shares to be worthless. The operators of the scheme created a wholly misleading impression of the value and prospects of Symbiosis, dealing with investors on the phone, in correspondence (including printed promotions) and in person, and staging annual general meetings. In commenting on the court victory, the FCA's director of enforcement Mark Steward appeared to be particularly outraged by the misleading nature of the scheme's financial promotions.