The Financial Conduct Authority (the “FCA”) has brought a criminal prosecution to individuals of Symbiosis Healthcare Plc (“Symbiosis”) and William Albert Securities Ltd (“WASL”). Both companies have been found guilty for their role in operating an investment scheme which led to more than 300 investors losing a total of just over £1.4 million during the period of February 2009 and early 2014.
The individuals had promised investors of large profits, through the operation of a network of medical clinics in Dubai and elsewhere, however in reality, the shares were worthless. Each of the individuals played a significant role in misleading investors and assisting to create a misleading impression as to the value and prospects of Symbiosis.
The FCA assisted in the investigation and continues to protect customers of misleading financial promotions.
Read the FCA press release