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

Couple discover relatives died together in WW1

A bid to find relatives of soldiers who died in a Belgian village in WW1 makes a remarkable discover..

Brexit compromise still possible, Donald Tusk says

The European Council president said it was in fact Theresa May who was "uncompromising" over her pla..

Bristol venue to play Africa by Toto on loop all night

People will be sponsored for how long they can endure the "guilty pleasure" at a Bristol music venue..

Labour could renationalise railways in five years - McDonnell

John McDonnell says he will create a Treasury unit to oversee the party's plans for more public owne..

The town that became Scotland's chilli capital

It all began as a joke but now Mark Hodgson can't even pop to the shops without having to discuss ch..

Goldman Sachs wants your piggy bank

The "giant vampire squid" will target the UK savings market next week - but will it be a damp squib..
View More

More Telford News

 Mental health charity No Panic to set up shop in Telford

A charity which helps people with anxiety and depression is moving to a ne..

 Magical story set in Ironbridge to mark Telford's 50th

An illustrator has marked the Telford50 celebrations with a magical story ..

 Plans for England's oldest railway crossing gates to be showcased in Ironbridge Gorge

Plans to replace the oldest railway crossing gates in the country will be ..

 Let's Back Zac: Poorly Broseley youngster is mascot for AFC Telford United FA Cup match

Broseley youngster Zac Oliver will be the mascot for AFC Telford United's ..

 Police issue appeal to help locate missing Telford teenager

West Mercia Police is appealing for help to locate a missing teenage girl, ..

 Missing Telford teenager found safe and well

A Telford teenager missing for five days has been found safe and well, poli..
View More

Telford Businesses

Calendar Countdown

[[countdown here]]
[[countdown here]]

Upcoming Events in Telford

21 Sep 2018

7 - 10:30pm

Cocktails & Jazz Ticket £13.50 per head - Includes a Welcome cocktail on arrival.

* Canape Selection £6.00 per head (Optional extra)

View Details

22 Sep 2018

9:30am - 5pm


View Details

22 Sep 2018



View Details

03 Oct 2018


Tickets £24 Students £21.50

Age guidance 14+

Show running times (approx): 70 minutes - 20 minutes interval - 70 minutes

View Details
View More