Four men who cheated 300 retired and often vulnerable investors out of £1.4m have been sent to jail, in one case for up to 15 months.

Samrat Bhandari, Dr Muhammad Aleem Mirza, Michael Moore and Paul Moore, each of whom played a role in the cold-calling investment scheme, were sentenced at Southwark Crown Court yesterday.

Dr Muhammad Aleem Mirza was sentenced to 15 months’ imprisonment and was disqualified as a director for eight years. The Judge said that his dealings had “brought about his professional ruin.”

Samrat Bhandari, whom the Judge described as “the prime mover”, had his sentencing adjourned. He offered to arrange funds to reimburse investors however this offer was subsequently withdrawn. Mr Bhandari will be sentenced in late January and was remanded in custody until then. Both Dr Mirza and Mr Bhandari were convicted on 30 November, following a trial at Southwark Crown Court lasting 49 days.

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. Both 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.

In addition to the jail sentences, the FCA is also to seek confiscation orders.

Commenting on the case, Mark Steward, director of enforcement and market oversight at the FCA, said: “The perpetrators of this scheme repeatedly misled investors for their own gain. The FCA is committed to ensuring that the operators of unauthorised investment schemes are brought to justice and are accountable for their misconduct.”

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.

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 adviser 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 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.

The FCA was assisted by a number of other law enforcement and government agencies, including the City of London Police, as well as by a number of investors in the scheme.