Five people have appeared at Southwark Crown Court today charged with conspiracy to defraud following a Financial Conduct Authority investigation into a series of alleged boiler rooms.
Michael Nascimento, Hugh Edwards, Stuart Rea, Ryan Parker and Jeannine Lewis, all resident in London and the south east, were charged with conspiracy to defraud, together with offences under the Financial Services and Markets Act 2000 and the Fraud Act 2006.
Two were also charged with perverting the course of justice and one with money laundering offences.
The charges were bought following an FCA probe in to four alleged boiler room operations based in London’s Docklands, all promoting the sale of shares in Atlantic Equity LLC.
‘The FCA alleges the defendants were involved in the promotion of investment schemes that offered investors interests in a purported commercial development in Madeira in which, in total, 175 investors may have lost approximately £2.75 million,’ the regulator said in a statement.
Following today’s hearing a trial is due to begin in September.