Five sentenced for 'callous' £2.8m share fraud

Targets 'often elderly and vulnerable’

clock • 4 min read

A criminal investigation brought by the 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".

Between July 2010 and April 2014, the Financial Conduct Authority (FCA) said, in efforts to "maintain the lifestyle" of their ringleader Michael Nascimento, 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. Cyber threat: How advisers can guard against growing fraud risk 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 1...

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