Fraud ringleader jailed over 'boiler room' scam

The ringleader of a scam designed to con 170 investors out of £2.8m has been sent to prison.

Michael Nascimento spent some of the proceeds on a trip to Thorpe Park

A "boiler room" fraud ringleader has been sentenced to a total of 13 years in jail after being found guilty of conspiring with five others to con 170 investors out of £2.8m.

Michael Nascimento ran a call centre where investors were told their money would go into shares in businesses such as a property development in Madeira.

Instead he spent it on Arsenal tickets, school fees and a trip to Thorpe Park.

One victim was conned while coping with depression while her mother had cancer.

Nascimento, a former boxer, was convicted of this boiler fraud along with five others: Charanjit Sandhu, Hugh Edwards, Stuart Rea and Jeannine Lewis, who last week received sentences of between two-and-a-half and five-and-a-half years. Another, Ryan Parker, was given a two-year suspended sentence.

According to investigators at the Financial Conduct Authority (FCA), the victim whose mother was struggling with cancer was befriended by the "salesman" of this boiler room fraud, Charanjit Sandhu.

She was conned into parting with £16,000, her life savings. Then she felt "bullied" into taking out an overdraft to hand over a further £2,500.

CCTV footage of the group's activities - and part of its cash pile - was seen by the FCA

Another, a sophisticated financial services professional, invested £922,795. He had been asked to fly to Madeira to see the land owned by the companies and was shown around by the ringleader of the fraud, Michael Nascimento.

Nascimento had arranged to be called by friends frequently during the visit in order to appear to be a well-known business man in Madeira.

What he didn't let on was that the beautiful coastal land he was showing was far from the rough hillside plot with no planning permission that his companies had actually purchased.

Computer in the ceiling

On an unannounced visit in March 2014, FCA investigators discovered the boiler room companies occupied more than one office.

They later discovered CCTV footage that suggested that, while they were there, Nascimento's personal assistant, Jeannine Lewis, was trying to hide a company computer in a ceiling panel.

She told investigators it was part of a "clear-desk policy".

Compared to the relative ease with which such scams can be set up, bringing them to justice is hard.

The FCA says it is the second-biggest criminal prosecution it has undertaken, involving four million documents, 142 witnesses, analysis of 65 UK bank accounts and five years of investigators' time.

It cost £1.2m - compared with a fraud worth £2.8m.

Even with such stark and plentiful evidence, it has taken five years to get this relatively minor fraud investigated and successfully prosecuted through the courts.

Date: 14 September 2018 | Source: BBC

More UK News

Pharmacists warn of a 'surge' in shortage of common medicines

Patients in England are struggling to get hold of drugs such as painkillers and anti-depressants

Police plan dig in hunt for Mary Duncan missing 43 years

Detectives plan to excavate land in the search for a young mum who vanished almost 43 years ago, BBC..

Coventry council 'slowest to fill potholes'

Some councils aim to fill potholes within minutes but others take more than a day, new figures show..

Banksy artwork in Port Talbot sold for 'six-figure sum'

Season's Greetings will remain in Port Talbot for "two to three years" as it is bought by a gallery..

Wakefield, Grimsby, Plymouth win share of £20m culture fund

Five areas in England will benefit from a new Cultural Development Fund to boost local culture

'My son's severe asthma is very distressing'

Every three seconds in the UK, someone has an asthma attack which could be life-threatening, a chari..
View More

More Telford News

 MP's warning over Broseley's Broxit move

Broseley Town Council has been told it cannot choose to complete a "Broxit..

 Future Fit: A&E recommendation rubber stamped

Health officials have confirmed their choice of Royal Shrewsbury Hospital ..

 Row over key document in Shropshire's Future Fit discussions

A row has broken out over a key document in Shropshire's Future Fit discus..

 Four admit role in violent family fracas in Telford

The trial of seven men accused of leaving two people with serious injuries..

 There is no place for Future Fit says leader of Telford & Wrekin Council

The Leader of Telford & Wrekin Council is calling on health bosses to ..

 Former coronary care nurse takes top business role at UK medical supply firm

A former coronary care nurse has taken a top role with one of the UK’s lead..
View More

Telford Businesses

Calendar Countdown

Upcoming Events in Telford

19 Jan 2019

Saturday 19 January 7.30pm

Tickets £25

View Details

25 Jan 2019

Friday 25 January 7.30pm


View Details

31 Jan 2019

Thursday 31 January 7.30pm

Tickets £23

Concession £21.50

View Details

09 Feb 2019

Saturday 9 February 7.30pm

Adult: £26.50

Concessions: £23.50

View Details
View More