Samrat Bhandari, the directing mind behind the Symbiosis investment scam, has been sentenced at Southwark Crown Court to three-and-a-half years' imprisonment.

Symbiosis, set up by Dr Aleem Mirza, claimed to be a successful company offering ‘healthcare solutions’ in Dubai and elsewhere in the world. In reality, its shares were effectively worthless and investors lost almost £1.4 million in the scheme all told. Samrat Bhandari, as a director of William Albert Securities Ltd, acted as a corporate advisor to Symbiosis and organised the selling of Symbiosis shares, while two brothers called Michael and Paul Moore were part of a team of brokers. Between 2009 and 2014, Bhandari's men targeted mainly elderly and vulnerable investors and mis-sold shares to them in Symbiosis Healthcare plc through a combination of cold-calling, pressure sales and exaggerated propaganda.

Bhandari, convicted last year, was sentenced to 3½ years’ imprisonment for Count 1 (creating a false impression, contrary to s397(3) Financial Services and Markets Act 2000); 15 months’ imprisonment for Count 2 (carrying on a regulated activity without authorisation, contrary to ss19 and 23 FSMA); and 3½ years’ imprisonment for Count 4 (creating a false or misleading impression, contrary to s90 Financial Services Act 2012). The sentences are to run concurrently. Using some strange phraseology, the FCA claims that someone - presumably the judge - ordered Count 3 (contravening restrictions on financial promotions to be found in ss21 and 25 FSMA) to "lie on the file."