Michael Nascimento has been sentenced to an additional almost four years in prison for failing to pay a confiscation order made against him.
In 2018, Mr Nascimento was sentenced to 11 years’ imprisonment for his role in a £2.8 million investment fraud, where he was convicted with five associates of defrauding investors through a series of boiler room companies.
Members of the public were cold-called and subjected to high-pressure sales tactics to persuade them to buy shares in a company that owned land on the island of Madeira. Investors were promised guaranteed returns of between 125% and 228%. The money was, in fact, used to maintain the fraud and to fund the lifestyle of Mr Nascimento.
Commenting on the case, Mark Steward, Director of Enforcement and Market Oversight, said: 'Convicted fraudsters should not be able to retain the proceeds of their wrongdoing and we will continue to ensure orders are not evaded.'
A Confiscation Order was made on 21 June 2021 at a hearing before His Honour Judge Hehir sitting at Southwark Crown Court. Mr Nascimento was ordered to pay the sum of £976,511.81 before the 21 December 2021 to satisfy the Confiscation Order.
He has paid almost half of that amount to date, with the outstanding balance accruing interest at the daily rate of £118.60.
Even after serving the sentence in default of payment, Mr Nascimento will continue to be liable for the outstanding debt. All money recovered from Mr Nascimento will be used to compensate the victims of his crimes.
Notes to editors
- Mr Nascimento has been sentenced to an additional 1,417 days’ imprisonment.
- The default sentence was activated on 16 December 2022, at a hearing at the City of London Magistrates’ Court.
- Details surrounding Mr Nascimento’s original sentence[1].
- The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.