Mr Bhandari was part of a gang of four men who cheated 300 retired and often vulnerable investors out of their live savings using cold-calling techniques to sell worthless shares in a healthcare business.

Between 2009 and 2014, mainly elderly and vulnerable investors were targeted and mis-sold shares in Symbiosis Healthcare plc through a combination of cold-calling, high pressure sales and the publication of exaggerated promotional material.

Samrat Bhandari, Dr Muhammad Aleem Mirza, Michael Moore and Paul Moore, each of whom played a role in the scam, appeared at Southwark Crown Court in December in a trial lasting 49 days. Dr Muhammad Aleem Mirza was sentenced to 15 months’ imprisonment and was disqualified as a director for eight years.

Samrat Bhandari was described by the Judge in December as “the prime mover” in the scheme. He had his sentencing adjourned until today.
At the trial Michael Moore was sentenced to 15 months imprisonment and his brother Paul Moore to 9 months imprisonment. Both had pleaded guilty at an earlier hearing.

Michael Moore and Paul Moore are already serving seven years’ imprisonment due to their involvement in a separate investment scheme. They will serve their sentences consecutively, meaning they will serve total sentences of 8 years 3 months and 7 years 9 months respectively. They had both previously been disqualified from holding the position of director for 10 years.

Mr Bhandari was also disqualified today from holding the position of director for 12 years.

In sentencing, Judge Loraine-Smith stated that Mr Bhandari had been “entirely self-centred and devious”, demonstrating “not a shred of regret” for what he had done nor any sympathy to the investors, according to the FCA.

He described Mr Bhandari as using the enterprise as his “cash cow”.  The Judge said “regulation it seems, means nothing to you.”

Mark Steward, director of enforcement and market oversight at the FCA, said: “Mr Bhandari was the controlling mind in this scheme and he deliberately abused his position as a corporate advisor to exploit hundreds of vulnerable investors for his personal gain.“

The FCA has started confiscation proceedings against each defendant.