A “boiler room” ringleader was 13 years old was sentenced to a total of in jail after he was found guilty of conspiring with five other con 170 investors out of £2.8 m.
Michael Nascimento was running a call Center, where investors were told that their money would go in the form of shares in the company, such as, for example, a real estate development in Madeira.
Instead, he spent it on Arsenal tickets, school fees and a trip to Thorpe Park.
One of the victims was removed, while dealing with depression, had during their mother’s cancer. How to cheat of 170 million people
Nascimento, a former boxer, was convicted of these boilers 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, received a two-year suspended sentence.
According to the investigators at the Financial Conduct Authority (FCA), the victim, whose mother struggled with cancer Charanjit Sandhu was a friend, the fraud of the “seller” of this boiler room.
She was tricked into parting with € 16,000, the whole of their savings. Then she felt “bullied” into a current account credit to hand over a further £2,500.
Another, a sophisticated financial services professional, invested £922,795. He was asked to fly to see Madeira, the country in the possession of the company, and has been shown to be the ringleader of the fraud, Michael Nascimento.
Nascimento had to be arranged of friends often during the visit, to be displayed, a well-known business man in Madeira.
What he did not, was that the beautiful coastal city of the country, he showed, was far from the rough hilly land, no building permit, that his company had actually bought. Computer in the ceiling
On an unannounced visit in March 2014, the FCA’s investigator has more than one office discovered the boiler room companies.
They later discovered CCTV footage which suggested that, while they were there, Nascimento is the personal assistant, Jeannine Lewis, tried to hide, a company computer in a ceiling plate.
She told investigators that it was part of a “clear desk policy”.
In comparison to the relative ease with which such fraud can be set up to you in the justice system difficult.
The FCA says it is the second largest of the criminal prosecution is committed, the four million documents, 142 witnesses, the analysis of 65 British bank accounts and five years of investigators.
It cost £1.2 m, compared with a fraud value of £2.8 m.
Even with such blatant and abundant evidence that it has taken five years, this relatively small fraud investigated and successfully prosecuted were prosecuted through the courts.