View more on these topics

FCA charge five over £2.75m Madeira property fraud

FCA interior logo 620x430

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

Michael Nascimento, Hugh Edwards, Stuart Rea, Ryan Parker, and Jeannine Lewis appeared before Southwark Crown Court charged with 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 investments in a property development in Maderia to 175 people.

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.

Recommended

1

Navigating the maze: The choices facing advisers planning an exit strategy

Directly authorised firms are becoming more attractive acquisition targets as nationals and networks roll out initiatives to help secure members’ futures after retirement. Money Marketing revealed last week Tenet is to pilot a scheme aimed at helping member firms looking to sell their business and retire. Separately, Succession has boosted its acquisition war chest with […]

UK-Currency-Money-Coins-700.jpg
4

FTSE dives as Brexit fears take hold

The FTSE index has dropped 6 per cent in the past four days as pollsters showed a vote to Brexit has become more likely. The FTSE 100 ended the day down 2 per cent yesterday, at 5,923, the lowest point for the index since February. Yesterday marked the fourth day of losses for the index as fears […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. But they do NOTHING when a regulated fund operator, Capita, which was entirely complicit in enabling a regulated lender, Tiuta plc, in stealing £120 million from investors, as is the case for the Connaught Income fund.
    The FCA would argue they did make (pathetic) announcements AFTER George Patellis whisle blew. He has given up his right to anonymity to help the facts to come out into the open. They would say they have been working very hard to get redress for customers, whilst covering up their own systemic failures
    The FCA self-interested maleficence driven protectionist racket must be replaced. Let’s hope the government decides to scrap it too. And soon.

Leave a comment