Southwark Crown Court made confiscation orders against Samrat Bhandari, Muhammad Mirza and Paul Moore, following their earlier convictions and prison sentences for running an illegal investment scheme that lost investors over £1.4m.
Between 2009 and 2014, the trio systematically misled investors, many of whom were retired and vulnerable, by giving them wholly misleading information about the value and prospects of Symbiosis Healthcare Plc.
Samrat Bhandari had a Confiscation Order made against him for £376,604, all to be paid as compensation to the confirmed victims of his scam.
The amount of £279,970 must be paid by 7 October with the remaining £87,634 payable by 21 December.
Muhammad Mirza had a Confiscation Order made against him for £1,190,128, to be paid by 26 December 2019.
Of this amount, £754,766.05 is to be paid to confirmed victims.
The FCA urged any individual who believes they were a victim of the con and would like to claim compensation, to contact the regulator “urgently if they have not yet done so”.
Potential victims who have not received anything from the FCA, should contact the regulator by:
• calling 0300 500 8082 or
• writing to The Operation Alfreton Team, Unauthorised Business Department, Financial Conduct Authority, 12 Endeavour Square, London E20 1JN
They should provide the following information:
• Name (and the name of the person who invested if different)
• Postal and email addresses
• Contact telephone number
The information must be provided no later than 1 November.
S statement from the regulator read: “The FCA will check that everyone who contacts it is eligible for compensation and then apply to the court to ensure that the money confiscated is paid as compensation.
“The court cannot hear any application on this issue after 21 November 2019 and so the FCA will need to have full details of such claims by no later than 1 November 2019.
“In addition to these offences, Paul Moore was previously convicted on a single count indictment in Maidstone Crown Court, on matters not related to this FCA prosecution.
“He has had a Confiscation Order made against him for £29,736.45 which must be paid by 16 December 2019.
“This sum must be paid as compensation to confirmed victims of his offending from the earlier Maidstone Crown Court conviction.
“A further convicted Defendant in this matter, Michael Moore, has yet to have a Confiscation Order made against him and proceedings at Southwark Crown Court are ongoing.
At earlier hearings Samrat Bhandari received a default prison sentence of three years six months imposed by the court under the terms of the Order.
Muhammad Mirza received a default sentence of seven years and Paul Moore received a default jail term of one year.