Five sentenced for £2.8m share fraud

'Callously targeted investors who were often elderly and vulnerable’

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 sales tactics to persuade them to purchase shares in a company that owned land on the island of Madeira. Criminal proceedings open against alleged futures fraudster Investors were told the shares would increase substantially in price when permission to build 20 villas was granted, and were promised - but never received - guaranteed returns of between 125% and 228%. Among the lies th...