Docklands' five in court on alleged 'Boiler Room' fraud - FCA

Five alleged fraudsters have appeared in Southwark Crown Court today on charges linked to a string of 'boiler room' companies operating out of London's Docklands and offering investments in a Madeira commercial property development.

The Financial Conduct Authority (FCA) said Michael Nascimento, Hugh Edwards, Stuart Rea, Ryan Parker (aka Ryan Sell) and Jeannine Lewis have been charged with conspiracy to defraud, together with offences under the Financial Services and Markets Act and the Fraud Act.

Two of the five were also charged with perverting the course of justice, and one has been charged with money-laundering offences contrary to the Proceeds of Crime Act.

The five were accused of offences related to the promotion and sale of shares in Atlantic Equity LLC (previously known as Berkeley Brookes LLC), between July 2013 and March 2014, through a succession of four alleged 'boiler room' companies.

These 'boiler room' companies were First Capital Wealth Ltd, Bishops of Mayfair Ltd, Wallberg Dillion Reid Ltd and Sterling Capital Corporation Ltd. All traded from Docklands, London.

The FCA alleged 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 £2.75m."

Trial has been set for 4 September 2017.