Four individuals have been found guilty of pressuring vulnerable people into joining an investment scheme worth £1.4 million.
The exploitive scheme saw 300 investors buy shares in Symbiosis Healthcare following cold calls from pushy brokers.
The scheme was eventually reported to the Financial Conduct Authority (FCA) who investigated those responsible and took them to court.
An FCA spokesperson said: “Despite promises to investors of large profits, and extravagant claims about the investment opportunity through the operation and expansion of a network of
medical clinics in Dubai and elsewhere, in reality the shares in the company were, in effect, worthless.”
Two defendants were convicted by a jury following a trial at Southwark Crown Court. Between them they were convicted of creating a false impression, carrying out a regulated activity without
authorisation, contravening the restrictions on financial promotions and publishing false or misleading statements.
Two further individuals pleaded guilty to offences relating to the same scheme.
The FCA added: “Each of the four defendants played an instrumental role in the systematic and prolonged misleading of investors, helping to create a wholly misleading impression as to the value and prospects of Symbiosis.”