FCA charges five over £2.75m property fraud

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Five people have been charged following an FCA investigation into boiler room companies that may have lost investors £2.75m.

Michael Nascimento, Hugh Edwards, Stuart Rea, Ryan Parker and Jeannine Lewis appeared before Southwark Crown Court charged under charges of conspiracy to defraud.

Two of the five are also charged with perverting the course of justice and one with money laundering.

The regulator says the defendants were involved in promoting investment schemes which offered interests in a property development in Maderia to 175 people. The FCA says that in the scheme investors “may have lost approximately £2.75m”.

The five are alleged to have sold shares in Atlantic Equity between July 2013 and March 2014 through “boiler room” companies First Capital Wealth, Bishops of Mayfair, Wallberg Dillion Reid and Sterling Capital Corporation.

A trial is set for 4 September 2017.

The FCA declined to comment.