FCA charges five in £2.8m investment scheme scandal

Involved 175 investors

The FCA has charged five advisers over a 'boiler room' fraud, which saw 175 investors lose as much as £2.8m.

Michael Nascimento, Hugh Edwards, Stuart Rea, Ryan Parker and Jeannine Lewis are alleged 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. FCA fines plunge from £905m last year to £20m in 2016 All five were charged in front of Southwark Crown Court with conspiracy to defrau...