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FCA charge five over £2.75m Madeira property fraud

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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.

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  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.

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