Michael Nascimento, the controlling mind of a £2.8m investment fraud was sentenced to 11 years’ imprisonment in the Southwark Crown Court.
Between July 2010 and April 2014, members of the public were cold-called and subjected to high pressure sales tactics to persuade them to purchase shares in a company that owned land on the island of Madeira. None of the investors were ever paid, but instead their money was used to maintain the fraud and particularly to fund the lifestyle of Mr Nascimento.
Mr Nascimento’s sentencing follows that of five other individuals involved in the same fraud on 4 September 2018. Commenting on the case, Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA, said:
‘This brings to an end the FCA’s largest fraud prosecution which has seen the perpetrators imprisoned for a total of 28.5 years, affording justice to victims who were the subject of their calculated deception. We are continuing to fight for compensation for victims out of their assets.’