FCA charges five over £2.8m property investment fraud

Michael Nascimento, Hugh Edwards, Stuart Rea, Ryan Parker and Jeannine Lewis, all of whom live in London and the South East, are said to have promoted and sold shares in Atlantic Equity, a purported commercial development in Madeira. The group used a succession of 'boiler room' companies called First Capital Wealth, Bishops of Mayfair, Wallberg Dillion Reid and Sterling Capital Corporation, all of which traded in Docklands, London. The FCA said 175 investors may have lost as much as £2.8m. All five were charged at Southwark Crown Court with conspiracy to defraud together with offen...