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The SRA fine + costs (£46k) are togetherless than the interest he made on the loan (£50k)!!

Then contrast this with some recent SRA decisions: the poor trainee pressurised into misdating documents or trying to cover for a partner's error; or the young solicitior who has been sent by his firm on secondment to recover from work pressures who tells a client on the phone that someone else in the firm is dealing with the matter and he will chase it up.
They got struck off with no second chance.

Or the solicitor who was going bankrupt and just gets more grief, fines and costs added when he tells the SRA up front so they can make arrangements for the client files.

This guy got off incredibly likely IMHO. It certainly looks like sophisticated exploitation of a vulnerable client and misleading the court in a sworn witness statement.

And at the end of it all he still turns a profit.