Five sentenced for £2.8m share fraud
'Callously targeted investors who were often elderly and vulnerable’
The five fraudsters were sentenced at Southwark Crown Court
A criminal investigation brought by the Financial Conduct Authority (FCA) has seen five individuals sentenced to a total of almost 18 years in prison for their part in a £2.8m share fraud targeting "investors who were often elderly and vulnerable".
In efforts to "maintain the lifestyle" of their ringleader Michael Nascimento, the FCA said, between July 2010 and April 2014, the fraudsters cold-called and subjected vulnerable people to high-pressure...
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